Title
II
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Responsible Savings and Fair Taxation
Responsible End to the War in Afghanistan Act - Limits the obligation and expenditure of funds for operations of the Armed Forces in Afghanistan to the safe and orderly withdrawal from Afghanistan of all members of the Armed Forces and Department of Defense (DOD) contractor personnel.
Defense and Deficit Reduction Act - Freezes the aggregate amount of funds made available for DOD-administered military functions (other than military personnel pay, health benefits, and drug interdiction and counter-drug activities) at:
(1) the FY2008 level for FY2011, and
(2) the previous fiscal year level for each of FY2012-FY2016. Places a permanent ceiling of 30,000 per fiscal year (with certain exceptions) on the end strength level of members of the Armed Forces assigned to permanent onshore duty in Europe and corresponding general end strength reductions.
Specifies the breakdown of end strength levels for each of the services.
Terminates the V-22 Osprey aircraft program as of FY2012. Amends the Internal Revenue Code to raise the basic range of income taxed at:
(1) 15% from a maximum of $36,900 to a maximum of $69,000,
(2) 28% from $36,900-$89,150 to $69,000-$139,350,
(3) 31% from S89,150-$140,000 to $212,300-$379,150,
(4) from $140,000-$ 250,000 to $379,150-$1 million, and
(5) $39.6% from $250,000-and-over to $1 million-$10 million.
Prescribes new tax rates of 45%, 46%, 47%, 48%, and 49% for specified income levels above $10 million to $1 billion-and-over.
Specifies the breakdown of such tax rates for heads of households, unmarried individuals, and married individuals filing separate returns.
Prescribes a special rule for recapture of lower capital gains rates for individuals subject to at least a 45% rate bracket.
End Big Oil Tax Subsidies Act of 2011 - Revises requirements for the amortization of geological and geophysical expenditures to convert the special tax rule for major integrated oil companies into a special rule for covered large oil companies (a major integrated oil company or a taxpayer with taxable year gross receipts exceeding $50 million.
Denies taxpayers who are not small, independent oil and gas companies:
(1) the tax credit for production of oil and gas from marginal wells,
(2) the enhanced oil recovering tax credit,
(3) the deduction for the intangible drilling and development costs of oil and gas wells,
(4) the percentage depletion allowance,
(5) the deduction for tertiary injectant expenses,
(6) the exclusion from (and consequently subjection to) the disallowance passive activity losses and credits, and
(7) the deduction for a portion of income derived from domestic production activities.
Prohibits a major integrated oil company from using last-in, first-out (LIFO) tax accounting.
Prescribes a special rule to deny to a dual capacity taxpayer a foreign tax credit for certain amounts paid or accrued to a foreign country or U.S. possession with respect to combined foreign oil and gas income.
Superfund Reinvestment Act - Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) to authorize the use of amounts in the Hazardous Substance Superfund for environmental cleanup costs authorized by such Act. Amends the Internal Revenue Code to reinstate until December 31, 2018, the Hazardous Substance Superfund financing rate and the corporate environmental income tax and extend the borrowing authority of the Superfund through 2021.
Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security:
(1) if such purchase occurs on a trading facility located in the United States, or
(2) the purchaser or seller is a U.S. person.
Extends through calendar year 2012 the making work pay tax credit.
Employee Misclassification Prevention Act - Amends the Fair Labor Standards Act of 1938 (FLSA) to require every person to:
(1) keep records of non-employees (contractors) who perform labor or services (except substitute work), including through an entity such as a trust, estate, partnership, association, company, or corporation, for remuneration; and
(2) provide certain notice to each new employee and new non-employee, including classification as an employee or non-employee and information concerning their rights under the law.
Makes it unlawful for any person to:
(1) discharge or otherwise discriminate against an individual (including an employee) who has opposed any practice, or filed a complaint or instituted any proceeding related to this Act, including with respect to an individual's status as an employee or non-employee; and
(2) fail to classify accurately an employee or non-employee.
Doubles the amount of liquidated damages for maximum hours, minimum wage, and notice of classification violations by an employer.
Directs the Secretary of Labor to establish a page on the Department of Labor website that summarizes the rights of employees under this Act. Amends SSA to require, as a condition for a federal grant for the administration of state unemployment compensation, for the state's unemployment compensation law to include a provision for:
(1) auditing programs that identify employers that have not registered under the state law or that are paying unreported compensation where the effect is to exclude employees from unemployment compensation coverage, and
(2) establishing administrative penalties for misclassifying employees or paying unreported unemployment compensation to employees.
Corporate Assets Should be Used to Hire Act - Amends the Internal Revenue Code to impose on domestic corporations in taxable years beginning in 2011 or 2012 an additional 40% tax on the excess of their retained earnings over their average retained earnings for the preceding 3 taxable years.
Exempts certain corporations from such tax, including corporations with retained earnings of less than $5 million in a taxable year.