H.R. 5333 (112th): Middle Class Tax Fairness Act of 2012

Introduced:
May 07, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Shelley Berkley [D-NV1]
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 May 7, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced May 07, 2012
Referred to Committee May 07, 2012
Cosponsors
none
Committees

House Budget

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 make permanent the deduction of State and local general sales taxes, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated May 07, 2012.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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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.

5/7/2012--Introduced.
Middle Class Tax Fairness Act of 2012 - Amends the Internal Revenue Code to make permanent the taxpayer election to deduct state and local general sales taxes in lieu of state and local income taxes.
Requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax).
Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of:
(1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over
(2) certain tax credits.
Provides for a phase-in of such tax.
Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013.
Requires any savings resulting from the enactment of this Act to be used for federal budget deficit reduction or reduction of the federal debt.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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