Date: February 4, 2009
Subject: Tax Cuts
Description: The Senate rejected a substitute to the "Stimulus" bill which would have replaced government spending with tax cuts. It would have made permanent the tax cuts passed temporarily in 2001 and 2003. These include elimination of the marriage penalty, a $1,000 per child tax credit, a 15 percent rate on capital gains, and a repeal of the death tax on estates under $5 million. The proposal also lowered the corporate tax rate from 35 to 25 percent and repealed the Alternative Minimum Tax.
Result: Motion Rejected, 36-61
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