See How Your Politicians Voted
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.