John Chafee on Taxes

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Voting Record

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. John Chafee voted in favor of the Pension Protection Act of 2006.

John Chafee 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 This bill would have increased the estate tax exclusion to $5,000,000, effective 2015, and repealed the sunset provision for the estate and generation-skipping taxes.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the estate tax rate to equal the current long-term capital gains tax rate for taxable estates up to $25 million and repealed the estate tax deduction paid to states.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. John Chafee voted against the Estate Tax and Extension of Tax Relief Act.

John Chafee 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In 2006, the Senate voted on legislation that would have permanantly repealed the "Death" or Estate Tax.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. John Chafee voted against ending the Death Tax.

John Chafee 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. John Chafee voted against the Tax Increase Prevention and Reconciliation Act of 2005.

John Chafee 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. John Chafee voted in favor of the American Jobs Creation Act of 2004.

John Chafee 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. John Chafee voted against the Working Families Tax Relief Act of 2004.

John Chafee voted against 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. John Chafee voted against the Jobs and Growth Tax Relief Reconciliation Act of 2003.

John Chafee 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. John Chafee voted against the Job Creation and Worker Assistance Act of 2002.

John Chafee 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. John Chafee voted in favor of the Economic Growth and Tax Relief Reconciliation Act of 2001.

John Chafee voted in favor of 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. John Chafee voted in favor of the amendment to eliminate the marriage penalty.

John Chafee voted in favor of the amendment to eliminate the marriage penalty.

 

Sponsored and Cosponsored Legislation

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

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