As a U.S. Senator, Hillary Clinton voted against a tax relief package that cut the capital gains and dividends tax rate, voting no on the “Jobs and Growth Tax Relief Reconciliation Act” (H.R. 2).
On May 15, 2003, she voted no on the bill, which passed 51-49. She later voted no on the conference report on May 23, 2013, which also passed, 51-50.
About the bill:
-The bill cut the capital gains tax rate from 20 percent to 15 percent and the top tax rate on dividend income from 38.6 percent to 15 percent.
-At the time, almost 50 percent of American families owned mutual funds and this legislation provided much-needed tax relief for these millions of Americans across the country.
-H.R. 2 also increased tax-free capital investment by small businesses and bonus depreciation on investment paid between 2003 and 2005.
-Finally, the bill accelerated income tax cuts across the board in order to provide immediate tax relief for all Americans.
Even though this legislation provided tax relief to millions of American families and small businesses, Clinton voted no and characterized the legislation as a “plan targeted to a few” that would not help create jobs or restore prosperity.
The U.S. is saddled with one of the highest personal dividend income tax rates in the OECD, according to the Tax Foundation.