Wednesday, February 4, 2009

Sen. Jim DeMint's American Option bill defeated, Adopts Isakson and Cardin

From SenateUS

Senators have defeated an amendment offered by Senator Jim DeMint (R-SC) to the economic stimulus package (S.1 / H.R.1) by a vote of 36 to 61. The vote occurred on a motion to waive a point of order that the amendment violated Budget Act offset provisions. Sixty affirmative votes were needed in order to waive the point of order, which works to kill the amendment.

This amendment, in the nature of a substitute to the underlying stimulus bill, would provide for the following provisions according to an official summary:

Stop 2011 Tax Hikes

Permanently repeal the alternative minimum tax once and for all
Permanently keep the capital gains and dividends taxes at 15 percent
Permanently kill the Death Tax for estates under $5 million, and cut the tax rate to 15 percent for those above
Permanently extend the $1,000-per-child tax credit
Permanently repeal the marriage tax penalty
Permanently simplify itemized deductions to include only home mortgage interest and charitable contributions
New Tax Cuts

Lower top marginal income rates – the one paid by most of the small businesses that create new jobs – from 35 percent to 25 percent
Simplify the tax code to include only two other brackets, 15 and 10 percent
Lower corporate tax rate as well, from 35 percent to 25 percent

Senate adopts other bills,

Senators have adopted two amendments to the economic stimulus package (S.1 / H.R.1) by Voice Vote:

Isakson – This amendment, offered by Senator Johnny Isakson (R-GA), would provide an up to $15,000 tax credit for those buying homes this year at a total cost of $18.5 billion.
Cardin – This amendment, offered by Senator Ben Cardin (D-MD), would increase the availability of small business loans from $2 million to $5 million.

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