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Thursday, December 10, 2009

Bleeding Heartland: Two tax votes reveal Republican priorities

Excerpted from this post at Bleeding Heartland

The House of Representatives approved the Tax Extenders Act of 2009 on
Wednesday by a vote of 241 to 181. As you can see from the roll call,
all but ten Democrats voted for the bill, including Iowa's Bruce
Braley, Dave Loebsack and Leonard Boswell. All but two Republicans
voted against it, including Iowa's Tom Latham and Steve King. After
the jump I've posted more details about the business tax credits that
would be extended if this bill becomes law. On December 3, the House
passed the Permanent Estate Tax Relief for Families Farmers and Small
Businesses Act, which caps the estate tax at 45 percent and exempts
estates worth up to $3.5 million (preserving this tax at 2009 levels).
Again, all of Iowa's Democrats voted for the bill. Iowa's Republicans
voted against it. If Congress had not acted, the estate tax would have
been repealed in 2010 and then would have reverted to its 2001 level
in 2011 (a 55 percent tax on estates valued above $1 million).


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