What are you talking about? Some vote on a Balanced Budget Amendment? Who cares. We actually had a balanced budget because Democrats and Republicans worked together to raise taxes (we did) and cut/cap spending.
You think because you say it, that's the way it is?
50 democrats voted for the balanced budget, the other 152 democrats voted against it.
218 republicans voted for the balanced budget, 8 republicans voted against it. That was the 105th congress. How do you get "working together" from that?
From Wikipedia, the free encyclopedia
The Taxpayer Relief Act of 1997 (Public Law 105-34) reduced several federal taxes in the United States.
Subject to certain phase-in rules, the top capital gains rate fell from 28% to 20%. The 15% bracket was lowered to 10%.
Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was increased to $500 in 1999. This credit was phased out for high income families.
The act exempted from taxation the profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This is for residences that were lived in for at least 2 years over the last 5 (ref). See also Internal_Revenue_Code_section_1031 which is a way to sell a (non personal residence) property and not have to pay capital gains tax (at least immediately). Basically, if you have a personal residence, you cannot use a 1031 to defer the capital gains, you have to use this act, but don't have to pay capital gains at all for up to the above amounts. If it's a rental then you have to use a 1031 exchange if you want to defer capital gains taxes indefinitely.
The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006.
Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in 1999, the $10,000 annual gift tax exclusion was to be corrected for inflation.
The act also provided tax relief for retirement accounts as well as education savings in the Hope Scholarship Credit and Lifetime Learning Credits. Some expiring business tax provisions were extended.
It was signed into law by President Bill Clinton on August 5, 1997.