H.R. 4265 (112th): Shared Responsibility in Preserving America’s Future Act

Introduced:
Mar 27, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Eric “Rick” Crawford [R-AR1]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 27, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 27, 2012
Referred to Committee Mar 27, 2012
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to impose a 5 percent tax on so much of adjusted gross income of any individual as exceeds $1,000,000, and to provide incentive for Congress to pass a balanced budget amendment, or spending limit amendment, to the Constitution.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Mar 27, 2012.
7 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/27/2012--Introduced.
Shared Responsibility in Preserving America's Future Act - Amends the Internal Revenue Code to impose, in taxable years beginning after 2012 and before 2023, an additional 5% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million (adjusted for inflation after 2013).
Defines "modified adjusted gross income" as adjusted gross income reduced by the excess of:
(1) gross income from a trade or business which is not a passive activity and with respect to which wages are paid to at least one full-time equivalent employee, over
(2) the tax deductions properly allocable to such income.
Makes this additional tax contingent upon the submission and ratification of a proposed amendment to the Constitution requiring a balanced budget or limiting spending.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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