Mark Pryor on Taxes

Summary

Senator Pryor has recently opposed the enactment of the Buffet rule in favor of overal reform. He also voted in favor of extending the Bush tax cuts both to everyone and to the top to brackets in an effort to further talks about overall tax reform. He has also co-sponsored legislation to provide for a taxpayer bill of rights.

The Buffett Rule

Senator Pryor opposed the enactment of the Buffett Rule as a tax policy. He stated that there was no doubt that the wealthy needed to pay their fair share in taxes, but that such a change should be done as part of an overall tax reform package.

A Bridge to Reform

In 2012, Senator Pryor supported an extension of the Bush tax cuts, but only as a bridge to get to a point where overall tax reform could be addressed.

 

Buffett Rule

In April of 2012, Senator Pryor issued a press statement noting his oppositoin to the Buffett Rule. He stated that the inequity in the tax code should be addressed through reform and not through a specific rule change.

Apr 16 2012
Statement by Senator Mark Pryor In Opposition to the Buffett Rule

There is no disputing that the wealthy should pay their fair share in taxes. This inequity should be fixed as part of broad tax reform, not as a political ploy meant to score points. A serious, bipartisan effort to reform the tax code could pass Congress and be signed into law, ensuring that employees no longer write larger checks to Uncle Sam than their CEOs.
 

 

A Bridge to Reform

In July of 2012, Senator Pryor issued a press statement noting his support for a measure to extend the full Bush tax cuts to get to a place where reform of the entire system is possible.

Jul 25 2012
Statement by Senator Mark Pryor In Support of Today’s Tax Measures

We need a serious, bipartisan effort to reform our tax code. Unfortunately, it is increasingly clear that election year politics will not allow such progress to happen this year. I don’t believe the American people should be punished through higher taxes because Republicans and Democrats can’t work out a sensible solution on tax reform. Both measures before the Senate extend tax cuts to middle class families and patch the alternative minimum tax. We should extend these cuts as a bridge to comprehensive tax reform.

As I have said many times in the past, the Simpson-Bowles Debt Commission lays out a comprehensive plan to address our fiscal challenges. While I don’t agree with every element, we should use this plan as a blueprint to connect our tax and spending policies to deficit reduction.

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. Mark Pryor 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. Mark Pryor voted in favor of 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. Mark Pryor 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. Mark Pryor 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. Mark Pryor 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. Mark Pryor 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. Mark Pryor 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. Mark Pryor 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. Mark Pryor 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. Mark Pryor voted in favor of 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. Mark Pryor 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. Mark Pryor 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. Mark Pryor voted against the Jobs and Growth Tax Relief Reconciliation Act of 2003.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-S 3215; Taxpayer Bill of Rights Act of 2010 - Cosponsor

Amends the Internal Revenue Code to require the Secretary of the Treasury, in consultation with the National Taxpayer Advocate, to publish a summary statement of taxpayer rights and obligations.

Session-110; Bill Number-S 871; Savings for Working Families Act of 2007 - Cosponsor

A bill to establish and provide for the treatment of Individual Development Accounts, and for other purposes.

Session-111; Bill Number-S 181; Permanent Marriage Penalty Relief Act of 2007 - Cosponsor

Makes provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the marriage penalty in the standard deduction, the 15-percent tax bracket, and the earned income tax credit, permanent.

Session-109; Bill Number-S 1103; Individual Alternative Minimum Tax Repeal Act of 2005 - Cosponsor

Amends the Internal Revenue Code to repeal the alternative minimum tax on individuals.

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