Michael Steele released the following statement on the Portman-Cardin legislation 10-term Congressman Ben Cardin touts on the campaign trail as part of his continued Washington double-talk:
“Congressman Ben Cardin talks a lot about his ‘Portman-Cardin’ legislation, but what he doesn’t say is that he voted against the legislation in its final passage. Evidently Congressman Cardin cared more about voting against tax relief than voting to implement his own legislation. It is the height of Washington double-talk for Congressman Cardin to tout the effects of legislation he voted against. Whatever benefits of the bill Americans have today are in spite of Congressman Cardin,” Michael Steele said.
CARDIN VOTED AGAINST PORTMAN-CARDIN BILL:
Although Cardin initially supported his own legislation (as part of H.R. 10 in 2001), he later voted against the tax reconciliation bill that would put his bill into effect. In reality, Ben Cardin voted for his own legislation before he voted against it.
Cardin First Voted For Pension And Retirement Incentives:
Pension and Retirement Incentives – Passage. “Passage of the bill that would cost $51.7 billion over 10 years and would raise the amount individuals may contribute to traditional and Roth Individual Retirement Accounts (IRAs) and to 401(k) plans and ease the ability of employees to move pension plans with them when they change jobs. The bill would increase from $2,000 to $5,000 the limit on annual IRA contributions by 2004. Those age 50 and older could contribute up to $5,000 annually to the accounts beginning in 2002. Beginning in 2005, contribution limits would increase with inflation in $500 increments. Contribution limits to 401(k) plans would increase from $10,500 to $15,000 annually by 2005. Those age 50 and older could contribute up to $5,000 more annually to the plans.” (H.R. 10, CQ Vote #96: Passed 407-24: R 219-1; D 187-22; I 1-1, May 2, 2001, Cardin voted Yea)BUT Cardin voted AGAINST the final bill including his legislation:
Tax Cut Reconciliation – Passage. “Passage of the bill that would cut all income tax rates and make other tax cuts totaling $958.3 billion over 11 years. The bill would covert the five existing tax rate brackets, which range from 15 percent to 39.6 percent, to a system of four brackets with rates of 10 percent, 15 percent, 25 percent and 33 percent.” (H.R. 1836, CQ Vote #118: Passed 230-197: R 216-0; D 13-196; I 1-1, May 16, 2001, Cardin voted Nay)
Tax Cut Reconciliation -- Conference Report. “Adoption of the conference report on the bill that would reduce taxes by $1.35 trillion through fiscal 2011 through income tax rate cuts, relief of the ‘marriage penalty,’ a phaseout of the federal estate tax, doubling the child tax credit, and providing incentives for retirement savings. A new 10 percent tax rate would be created retroactive to Jan. 1, and taxpayers would get rebate checks this summer of $300 for singles and $600 for couples. The bill would double the $500-per-child tax credit by 2010 and make it refundable; raise the estate tax exemption to $1 million in 2002 and repeal the tax in 2010; increase the standard deduction for married couples to double that of singles, beginning in 2005; and increase annual limits on contributions for Individual Retirement Accounts to $5,000.” (H.R. 1836, CQ Vote #149: Adopted (thus sent to the Senate) 240-154: R 211-0; D 28-153; I 1-1, May 26, 2001, Cardin voted Nay)
Cardin Recently Touted His Efforts To Enact Pension Reforms. “The Portman-Cardin pension bills [cosponsored by former congressman Rob Portman, an Ohio Republican] where we changed the ground rules for a major tax bill to include pnsions. We got it done, and it made a major difference in people’s abilities to put money away for their own retirement. Those bills passed by overwhelming majorities when people thought it was not possible.” (David Gerlach, “Scrapping the Playbook,” Newsweek, Oct 20, 2006)
The Portman Cardin Legislation, H.R. 10, Was Rolled Into The Tax Relief Act Of 2001. “HR1836 -- PL 107-16, the $1.35 trillion budget reconciliation tax-cut law, reduces marginal tax rates, repeals the estate tax, reduces taxes for married couples and increases contribution limits on retirement savings plans. . . . The House language originally came from HR3. The Senate language came from S896. The House also has passed legislation reducing the taxes paid by married couples (HR6), repealing the estate tax (HR8) and increasing contribution limits on retirement savings accounts (HR10). Language expanding the adoption credit came from HR622.” (Joseph J. Schatz, “HR 1836,” CQ BillWatch, As signed into law by the president on June 7, 2001)
H.R. 10, Which Raised Caps On Contributions To Individual Retirement Accounts And Employer – Sponsored Pensions, Was Included In The 2001 Tax Relief Act. “As introduced, HR10 had an altogether different purpose: It would have raised the caps on contributions to individual retirement accounts and employer-sponsored pension and savings plans, providing $52 billion in tax cuts. The bill was passed by the House in early May. But after many of its provisions were included in the June 2001 tax cut law (HR1836 -- PL 107-16), there seemed to be no reason for the Senate to consider the measure.” (David Clarke, “HR 10,” CQ BillWatch, As signed into law by the president on Dec. 21, 2001)
Looking for change in Maryland? Then vote for Michael Steele for Senate, good for America and good for Maryland.
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