Kirsten Gillibrand on Taxes

Last Updated : Nov 10, 2010

Summary

Senator Gillibrand has made statements that indicate she is not supportive to extending the Bush tax cuts. She has introduced proposals to eliminate capital gains taxes on investments into small businesses. Senator Gillibrand has also supported tax credits for employers who hire returning veterans, and stated that she will work to protect middle class families from the Alternative Minimum Tax (AMT). 

 

Capital Gains Tax

In July of 2010, Senator Gillibrand released a press statement noting her 

 

Opposition to Extension of the Bush Tax Cuts

In October of 2010, Senator Gillibrand issued a press statement concerning social security COLA adjustments. In that press statement, Senator Gillibrand noted that she opposed the Bush tax cuts.

 

Tax Cuts for Veteran Employers

In August of 2010, Senator Gillibrand released a press statement noting her belief that the “Work Opportunity Tax Credit” should be extended beyond it's 2010 end date. The tax credit is awarded to employers who hire returning veterans.

 

Official Website Statements

 

Voting Record

Continue Bush Tax Cuts for all Except top Earners

On July 25, 2012 the Senate voted on legislation to extend all of the Bush tax cuts with the exception of those earning more than $200,000 or couples earning more than $250,000. The measure passed 51-48 along mostly party lines. It was largely symbolic as tax bills are not legal unless they originate in the House. Kirsten Gillibrand voted in favor extending the Bush Tax Cuts for all except the highest earners.

Kirsten Gillibrand voted in favor extending the Bush Tax Cuts for all except the highest earners.

Continue All Bush Tax Cuts

On July 25, 2012 the Senate voted on an amendment to legislation to extend all of the Bush tax cuts. The measure failed 45-54 along mostly party lines. It was largely symbolic as tax bills are not legal unless they originate in the House. Kirsten Gillibrand voted against extending all Bush Tax cuts.

Kirsten Gillibrand voted against extending all Bush Tax cuts.

Alternative Minimum Tax Relief Act of 2008

The Alternative Minimum Tax was created to tax wealthy individuals who were exploiting loopholes to avoid paying taxes. It was not indexed to inflation and now affects many more families than it was intended. Congress regularly applies "fixes" to the law in the form of yearly adjustments. Sometimes they attempt to repeal it completely. In 2008, the house voted on the Alternative Minimum Tax Relief Act of 2008. The bill was had the objectives of increasing and extending through 2008 the alternative minimum tax (AMT) exemption amounts, and extending through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability. This change would have brought in less revenue and that was to be offset by lowering the tax deductions for oil companies. The bill was supported by most Democrats and opposed by most Republicans. While it passed the house, it never came up for a vote in the Senate. Kirsten Gillibrand voted in favor of the Alternative Minimum Tax Relief Act of 2008.

Kirsten Gillibrand voted in favor of the Alternative Minimum Tax Relief Act of 2008.

AMT Relief Act of 2007

The AMT Relief Act of 2007 sought to apply a fix to the AMT, and offset those costs by taxing gross income from overseas companies. Most Democrats supported the legislation and most Republicans opposed it and the bill passed the house, but was not brought up for a vote in the Senate. Kirsten Gillibrand voted in favor of the AMT Relief Act of 2007.

Kirsten Gillibrand voted in favor of the AMT Relief Act of 2007.

Tax Increase Prevention Act of 2007

In 2007, congress passed legislation to apply a temporary fix. Most Democrats supported the legislation and all Republicans opposed it on the grounds that it violated PAYGO. Kirsten Gillibrand voted in favor of the Tax Increase Prevention Act of 2007.

Kirsten Gillibrand voted in favor of the Tax Increase Prevention Act of 2007.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-S 2882; Taxpayer Responsibility, Accountability, and Consistency Act of 2009 - Cosponsor

Amends the Internal Revenue Code to: (1) require reporting to the Internal Revenue Service (IRS) of payments (including payments of amounts in consideration for property or of gross proceeds) of $600 or more made by or to corporations (other than tax-exempt organizations); (2) set forth safe harbor criteria and rules relating to the treatment of workers as employees or independent contractors; and (3) increase penalties for failure to file correct tax return information or comply with other information reporting requirements. Requires the Secretary of the Treasury to issue an annual report on worker misclassification.

Session-110; Bill Number-H R 2517; Fair Tax Act of 2007 - Cosponsor

To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.

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