What: All Issues : Fair Taxation : Tax Breaks for the Rich : HR 4213. (Extending expiring programs) Motion to prevent the addition of language that would make permanent an expiring tax break on capital gains, offered to a bill to a bill that would extend expired tax provisions and other programs such as unemployment insurance/On the motion
 Who: All Members
[POW!]
 

To find out how your Members of Congress voted on this bill, use the form on the right.

HR 4213. (Extending expiring programs) Motion to prevent the addition of language that would make permanent an expiring tax break on capital gains, offered to a bill to a bill that would extend expired tax provisions and other programs such as unemployment insurance/On the motion
senate Roll Call 197     Jun 23, 2010
Y = Conservative
N = Progressive
Winning Side:
Progressive

This vote was on killing a motion to send a bill extending a range of expired programs back to the Finance Committee to have a portion of the bill rewritten.  The motion sought to have the committee add language to the bill that would permanently extend the 15 percent capital gains tax rate, without adding to the deficit.  The motion by Jim DeMint, R-S.C., was made to a bill that would extend several expired tax provisions, unemployment insurance benefits, Medicaid assistance to states, Medicaid doctor payment increases and other items.

After DeMint made his motion, Harry Reid, D-Nev., made a separate motion that DeMint’s maneuver be defeated, which is what this vote was on.

No one spoke for or against DeMint’s motion, which was made during the tail end of several arduous days of negotiating back and forth on the bill.  However, in a posting on DeMint’s blog, DeMint argued that unless Congress extends the current 15 percent tax rate for capital gains, it will expire in December and return to a tax rate of 20 percent.

“Unless Congress acts quickly to make these tax cuts permanent, taxes will return to Clinton-era levels, which will slow economic growth, discourage investment, and destroy even more jobs,” DeMint said in his blog.

In general, liberals and progressives support raising taxes on capital gains, believing that those who profit on non-material items (such as stocks or other intangible investments) should pay more for the country’s spending needs.

By a vote of 57-40, DeMint’s attempt was defeated.  All but one Democrat present voted to kill DeMint’s motion.  All but one Republican present voted against killing DeMint’s motion.  The end result is that DeMint’s motion to add language that would have kept the capital gains tax rate at 15 percent permanently was defeated.  Debate on the bill, which would extend several expired tax provisions and extend unemployment insurance, continued.

Issue Areas:

Find your Member of
Congress' votes

Select by Name