What: All Issues : Fair Taxation : H.R. 8. Estate Tax Repeal/Vote on Democratic Substitute Measure to Retain, at a Reduced Rate, the Estate Tax Which Targets Wealthy Taxpayers and Comprises an Important Source of Government Revenue. (2003 house Roll Call 287)
 Who: All Members : New York, District 2 : King, Pete
[POW!]
 
H.R. 8. Estate Tax Repeal/Vote on Democratic Substitute Measure to Retain, at a Reduced Rate, the Estate Tax Which Targets Wealthy Taxpayers and Comprises an Important Source of Government Revenue.
house Roll Call 287     Jun 18, 2003
Member's Vote
(progressive
or not)
Progressive Position
Progressive Result
(win or loss)

During debate on legislation which would permanently repeal the estate tax, Congressman Pomeroy (D-ND) proposed a substitute bill on behalf of the Democratic party which would have imposed a forty-nine percent tax on estates valued at over $3 million. Progressives endorsed the Pomeroy proposal because, in their view, maintaining the estate tax is necessary to insure that wealth and power does not become concentrated in the hands of a relatively small group of individuals. The estate tax, Progressives noted, only applies to estates that are worth over $3 million; very few low and middle income taxpayers, Progressives argued, would benefit from the estate tax repeal because those individuals are unlikely to own multi-million dollar estates. Progressives also argued that the GOP-drafted estate tax repeal would cost the U.S. Treasury over $800 billion in the next decade; that money, in the view of Progressives, would be better spent insuring that the baby-boomer generation is able to benefit from the payroll taxes they have paid into the Social Security and Medicare programs. The Pomeroy substitute bill was defeated on a 188-239 vote.

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Issue Areas:
Key: Y=Yea, N=Nay, W=Win, L=Loss