Date: March 25, 1992
Subject: Tax Bill
Description: Passage, over President Bush's March 20 veto, of the $77.5 billion tax bill to create a 20 percent tax credit against Social Security taxes paid by middle-income families, to be replaced in 1994 by a permanent $300-a-child tax credit. The credits would be paid for by adding a new top income tax rate of 36 percent and a 10 percent surtax on millionaires. The conference report also provided for a graduated capital gains tax cut. Taxpayers could deduct up to $2,000 per year contributed to individual retirement accounts; qualified taxpayers could make penalty-free withdrawals for first-time home purchases or for medical or educational expenses.
Result: Veto Sustained, 211-215
Names ordered: By yea/nay Order alphabetically Order by party Order by state
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