H.R. 1836 (107th): Economic Growth and Tax Relief Reconciliation Act of 2001
This was a vote to pass H.R. 1836 (107th) in the Senate.
It was not the final Senate vote on the bill. See the history of H.R. 1836 (107th) for further details.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (Pub.L. 107–16, 115 Stat. 38, June 7, 2001), was a sweeping piece of tax legislation in the United States passed by the 107th Congress and signed by President George W. Bush. It is commonly known by its abbreviation EGTRRA, often pronounced "egg-tra" or "egg-terra", and sometimes also known simply as the 2001 Act (especially where the context of a discussion is clearly about taxes), but is more commonly referred to as one of the two "Bush tax cuts".
The Act made significant changes in several areas of the U.S. Internal Revenue Code, including income tax rates, estate and gift tax exclusions, and qualified and retirement plan rules. In general, the Act lowered tax rates and simplified retirement and qualified plan rules such as for Individual retirement accounts, 401(k) plans, 403(b), and pension plans. The changes were so large and numerous that many books and analysis papers were published regarding the changes and how to best take advantage of them. All the 2001 tax cuts were set to expire at the end of 2010 when Congress extended them.
Many of the tax reductions in EGTRRA were designed to be phased in over a period of up to 9 years. Many of these slow phase-ins were accelerated by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), which removed the waiting periods for many of EGTRRA's changes.
A report published by researchers with the Heritage Foundation claimed that the cuts would result in the complete elimination of the U.S. national debt by fiscal year 2010.
This summary is from Wikipedia.
- On Passage of the Bill in the Senate
- Bill Passed
|Required:||Simple Majority||source: senate.gov|
“Aye” and “Yea” mean the same thing, and so do “No” and “Nay”. Congress uses different words in different sorts of votes.
The U.S. Constitution says that bills should be decided on by the “yeas and nays” (Article I, Section 7). Congress takes this literally and uses “yea” and “nay” when voting on the final passage of bills.
All Senate votes use these words. But the House of Representatives uses “Aye” and “No” in other sorts of votes.
Statistically Notable Votes
Statistically notable votes are the votes that are most surprising, or least predictable, given how other members of each voter’s party voted and other factors.