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Strom Thurmond on Taxes
Voting Record
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. Strom Thurmond voted in favor of the Job Creation and Worker Assistance Act of 2002.
Strom Thurmond voted in favor of 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. Strom Thurmond voted in favor of the Economic Growth and Tax Relief Reconciliation Act of 2001.
Strom Thurmond 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. Strom Thurmond voted against the amendment to end the marriage penalty.
Strom Thurmond voted against the amendment to end 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. Strom Thurmond voted in favor of the Marriage Tax Relief Reconciliation Act of 2000.
Strom Thurmond voted in favor of the Marriage Tax Relief Reconciliation Act of 2000.
Sponsored and Cosponsored Legislation
Session-105; Bill Number-S 75; Family Heritage Preservation Act - Cosponsor
Amends the Internal Revenue Code to repeal the estate tax, gift tax, and tax on generation-skipping transfers.