Date: July 22, 1999
Subject: Tax Cut Package
Description: Passage of the bill to reduce federal taxes by $792 billion over 10 years. The measure would reduce individual income tax rates by 10 percent over a 10-year period, contingent upon annual progress in reducing interest on the nation's debt. It would reduce the marriage penalty by increasing the standard deduction for married couples to double that for singles; cut the capital gains tax rate for individuals from 20 percent to 15 percent for property held for more than one year; gradually lower the corporate capital gains tax rate from 35 percent to 30 percent by 2005; reduce the estate and gift tax rates until they are completely eliminated in 2009; accelerate the phase-in of a 100 percent deduction for health insurance premiums for the self-employed, and allow all taxpayers to deduct health care and long-term care insurance if employers pay 50 percent or less of the premium; increase the annual contribution limit for Education Savings Accounts from $500 to $2,000 and permit tax-free withdrawals to pay for public and private elementary and secondary tuition and expenses.
Result: Bill Passed, 223-208
Names ordered: By yea/nay Order alphabetically Order by party Order by state
Click on a Representative's name to see more information for that Representative.
Voting data shown on this page comes from Voteview.