Kent Conrad on Taxes

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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. Kent Conrad voted in favor extending the Bush Tax Cuts for all except the highest earners.

Kent Conrad 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. Kent Conrad voted against extending all Bush Tax cuts.

Kent Conrad voted against extending all Bush Tax cuts.

The Alternative Minimum Tax

The alternative minimum tax was created to ensure that a few of the richest Americans did not exploit loopholes to avoid paying any taxes. It was never intended to be a method of taxing the general population. Unfortunately, the amount that a person earns before the tax goes into effect was not indexed to inflation. Therefore, each year Congress must enact a "fix" to adjust the amount. Occasionally, a larger increase is proposed than inflation adjustment. Income from the tax was accounted for in the 2009 budget. According to the rules of PAYGO (Pay As You Go), a decrease in the amount of money taken in must be offset by a reduction in spending. This amendment sought to exempt the AMT from that rule, to more accurately reflect the purpose of the tax. The amendment failed with most Republicans supporting it and most Democrats opposing it in a 47-51 vote. Kent Conrad voted against the amendment to exempt the AMT from PAYGO rules.

Kent Conrad voted against the amendment to exempt the AMT from PAYGO rules.

The Estate Tax

The estate tax is a tax levied on the assets or estates of wealthy individuals when they pass away. The tax collects a percentage of the estates which are valued above a given amount. This amendment sought to raise the value of the estates affected from $1 Million to $5 Million, and to lower the maximum rate at which the estate can be taxed from 45% to 35%. The argument for the change was that many small farms now fell under this tax. The opposition stated that not enough revenue would be collected is the amount was raised, as the tax would affect only 0.2% of estates instead of 0.5% under the current limits. The amendment failed in a 50-50 vote with most Republicans supporting the amendment and most Democrats opposing it. Kent Conrad voted against the amendment to raise the value of the estates affected to $5 Million and to lower the maximum rate to 35%.

Kent Conrad voted against the amendment to raise the value of the estates affected to $5 Million and to lower the maximum rate to 35%.

The Estate Tax

In 2007, an amendment was proposed which would have raised the value of applicable estates to $5 Million and set the maximum rate at 35%. This amendment would have also made the 2006 extended rates for capital gains and dividends permanent. The amendment was supported by most Republicans and opposed by most Democrats and failed in a 47-51 vote. Kent Conrad voted against the amendment to raise the value of applicable estates to $5 Million and set the maximum rate at 35%.

Kent Conrad voted against the amendment to raise the value of applicable estates to $5 Million and set the maximum rate at 35%.

Full Repeal of AMT

In 2007, congress made and attempt to repeal the alternative minimum tax (AMT) completely. The legislation was defeated in a 44-53 vote with most Republicans supporting the legislation and most Democrats opposing it. Kent Conrad voted against repealing the AMT.

Kent Conrad voted against repealing the AMT.

Pension Protection Act of 2006

The Pension Protection Act of 2006 addressed regulations governing employer-sponsored pensions and acted to make the portions of the 2001 act which allowed higher contributions to IRAs. with the support of both parties. The bill got wide support from both parties and passed 93-5. Kent Conrad voted in favor of the Pension Protection Act of 2006.

Kent Conrad voted in favor of the Pension Protection Act of 2006.

Estate Tax and Extension of Tax Relief Act

In 2006, the senate voted on theEstate Tax and Extension of Tax Relief Act. This bill would have increased the estate tax exclusion to $5,000,000, effective 2015, and repealed the sunset provision for the estate and generation-skipping taxes. It would also have lowered the estate tax rate to equal the current long-term capital gains tax rate for taxable estates up to $25 million and repealed the estate tax deduction paid to states. The bill failed to pass in a 56-42 vote. Kent Conrad voted against the Estate Tax and Extension of Tax Relief Act.

Kent Conrad voted against the Estate Tax and Extension of Tax Relief Act.

Death Tax Repeal Permanancy Act

In 2006, the Senate voted on legislation that would have permanantly repealed the "Death" or Estate Tax. The legislation was rejected on a 57-41 vote. Most Republicans supported the legislation and most Democrats opposed it. Kent Conrad voted against ending the Death Tax.

Kent Conrad voted against ending the Death Tax.

Tax Increase Prevention and Reconciliation Act of 2005

The Tax Increase Prevention and Reconciliation Act of 2005 extended previously lowered dividend income and capital gains through 2010, and made an increase to the AMT exemption. It also eliminated income restrictions on high-income taxpayers for converting traditional Individual Retirement Accounts (IRAs) to Roth IRAs. Most Republicans supported the legislation and about 1/3 of teh Democrats supported it. The bill passed in a 66-31 vote. with the support of both parties. Kent Conrad voted against the Tax Increase Prevention and Reconciliation Act of 2005.

Kent Conrad voted against the Tax Increase Prevention and Reconciliation Act of 2005.

American Jobs Creation Act of 2004

The American Jobs Creation Act of 2004 allowed individuals to claim a deduction for state and local sales taxes paid, in lieu of deducting state income taxes. It also increased tax credits for business investment abroad, and temporarily increased the expensing provisions for corporations. The bill passed 69-13 '); echo('with the support of both parties. Kent Conrad voted in favor of the American Jobs Creation Act of 2004.

Kent Conrad voted in favor of the American Jobs Creation Act of 2004.

Working Families Tax Relief Act of 2004

The Working Families Tax Relief Act of 2004 extended the 10 percent bracket on income tax created in the 2001 legislation, doubled the child tax credit, extended the previous AMT exemption and the Work Opportunity Tax Credit. The legislation was widely supported and passed 92-3. Kent Conrad voted in favor of the Working Families Tax Relief Act of 2004.

Kent Conrad voted in favor of the Working Families Tax Relief Act of 2004.

Jobs and Growth Tax Relief Reconciliation Act of 2003

In the Jobs and Growth Tax Relief reconciliation Act of 2003 tax rates on realized capital gains received by individual shareholders were reduced from 10 percent (for taxpayers in tax brackets where the ordinary income tax rate was 15 percent or below) and 20 percent (for all other brackets) to 5 percent and 15 percent, respectively, through 2007 and to 0 and 15 percent in 2008. It also adjusted the AMT exemption limit, expanded the child tax credit, and accelerated some of the earlier aspects of the previous laws. The conference report was agreed to in a 50-50 vote with most Republicans supporting it and most Democrats opposing it. Kent Conrad voted against the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Kent Conrad voted against the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Job Creation and Worker Assistance Act of 2002

The main provision of the Job Creation and Worker Assistance Act of 2002 was to create a bonus depreciation. This bonus depreciation allowed firms to claim extra deductions for depreciation of a long-term physical capital investment during the early years. This reduces corporate profits and therefore taxes. The act got wide support from both parties and passed 85-9. Kent Conrad voted against the Job Creation and Worker Assistance Act of 2002.

Kent Conrad voted against the Job Creation and Worker Assistance Act of 2002.

Economic Growth and Tax Relief Reconciliation Act of 2001

The first piece of legislation was passed in 2001 as the Economic Growth and Tax Relief Reconciliation Act of 2001 The act was especially sweeping. Its two most prominent changes were a phased-in reduction in income tax rates and a reduction and eventual repeal (at the beginning of 2010) of the estate tax. It also provided a wide range of tax breaks for education, families with children, married couples, and contributions to certain kinds of savings accounts. While all republicans voted in favor of this legislation, most democrats opposed it. Kent Conrad voted against the Economic Growth and Tax Relief Reconciliation Act of 2001.

Kent Conrad voted against the Economic Growth and Tax Relief Reconciliation Act of 2001.

The Marriage Penalty

In 2001, an amendment was put forth to expand the 15% tax bracket and eliminate the "marriage penalty". The offset would be accounted for by reducing the marginal tax rate reductions for the top two rate brackets. The amendment was supported by most of the Democrats and opposed by most of the Republicans. The amendment failed in a 44-56 vote. Kent Conrad voted in favor of the amendment to eliminate the marriage penalty.

Kent Conrad voted in favor of the amendment to eliminate the marriage penalty.

Marriage Tax Relief Reconciliation Act of 2000

In 2000, the senate attempted to pass the Marriage Tax Relief Reconciliation Act of 2000. This act would have ended the marriage penalty by adjusting the 15% tax bracket accordingly. Most Republicans supported the act and most Democrats opposed it. The act passed the senate in a vote. The bill was eventually vetoed by the President. Kent Conrad voted against the Marriage Tax Relief Reconciliation Act of 2000.

Kent Conrad voted against the Marriage Tax Relief Reconciliation Act of 2000.

 

Sponsored and Cosponsored Legislation

This representative has not been identified as sponsoring or cosponsoring significant legislation related to this title.

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