The House : Corporations Tax
The House rejected almost 2 to 1 an amendment in behalf of a minimum tax on corporations, which would have been used to lower tax rates or trim the deficit. The vote was 142 for and 283 against. The amendment was offered to the 1986-88 budget resolution (H Con Res 152), which was passed and sent to conference with the Senate. It lacked teeth in that it only directed the tax-writing Ways and Means Committee to report minimum-tax legislation to the floor.
Some members who favor such a tax voted against the amendment on grounds it was out of place as part of the budget resolution.
Sponsor Mary Rose Oakar (D-Ohio) said members should vote for the amendment “if you believe that it is wrong for a person who makes $12,000 a year to pay more taxes between 1981-83 than General Electric, which earned $6.5 billion in profits and received $283 million in refunds.”
Opponent Bill Frenzel (R-Minn.) said: “This amendment is actually pernicious. I doubt the authors understand it, but they are calling for new taxes of about $250 billion . . . and would call for a tripling of the corporate income tax in the next calendar year.”
Members voting yes favored the amendment.
How They Voted Yea Nay No vote Rep. Moorhead (R) x Rep. Roybal (D) x Rep. Waxman (D) x
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