S. 2230 (112th): Paying a Fair Share Act of 2012

Introduced:
Mar 22, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Sheldon Whitehouse [D-RI]
Status:
Died (Failed Cloture)
See Instead:
This bill was re-introduced as S. 321 on Feb 13, 2013. See S. 321 for current action on this subject.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

(About Ads | Advertise Here)
Status

This bill was introduced in a previous session of Congress but was killed due to a failed vote for cloture, under a fast-track vote called "suspension", or while resolving differences on April 16, 2012.

Progress
Introduced Mar 22, 2012
Reported by Committee Mar 26, 2012
Failed Cloture Apr 16, 2012
Votes

On Cloture on the Motion to Proceed S. 2230
Apr 16, 2012 6:05 p.m.
Cloture on the Motion to Proceed Rejected 51/45

Cosponsors
16 cosponsors (15D, 1I) (show)
Full Title

A bill to reduce the deficit by imposing a minimum effective tax rate for high-income taxpayers.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Mar 26, 2012.
8 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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

3/22/2012--Introduced.
Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require 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.
Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.