S 1429 - Taxpayer Refund Act of 1999 - National Key Vote


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Title: Taxpayer Refund Act of 1999

Vote Smart's Synopsis:

Vote to pass a bill that provides $792 billion in tax cuts over a ten-year period.


  • Reduces the 15 percent income tax bracket to 14 percent in 2001.
  • Increases individual retirement account (IRA) contributions to $5,000 annually by 2003.
  • Exempts the first $1,000 of capital gains from individual income taxes starting in 2006.
  • Raises estate tax exemptions from $1 million to $1.5 million in 2007.
  • Reduces the maximum estate and gift tax rates from 55 percent to 50 percent in 2001.
  • Reduces income taxes on married couples by increasing their standard deduction to double the amount allowed for individuals.
  • Increases deductions for health insurance costs and long-term care.
  • Increases eligible income limits for student education loan interest deductions.