S. 3393 (112th): Middle Class Tax Cut Act

Introduced:
Jul 17, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Harry Reid [D-NV]
Status:
Died (Reported by Committee)
See Instead:

H.R. 15 (same title)
Referred to Committee — Jul 30, 2012

S. 3412 (same title)
Passed Senate — Jul 25, 2012

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

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Status

This bill was introduced on July 18, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 17, 2012
Reported by Committee Jul 18, 2012
Cosponsors
none
Full Title

A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families.

Summary

No summaries available.

Text

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Last updated Jul 18, 2012.
22 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.

7/17/2012--Introduced.
Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing jointly):
(1) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001, and
(2) the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Increases income tax rates and phases-out personal exemptions and itemized deductions for certain high-income taxpayers.
Amends the Internal Revenue Code to extend through 2013:
(1) the increased American Opportunity tax credit,
(2) the increase in the refundable portion of the child tax credit,
(3) the increased earned income tax credit percentage for three or more qualifying children,
(4) the disregard of tax refunds in determining eligibility for federal and federally-assisted programs, and
(5) the election to expense depreciable business assets.
Modifies estate tax provisions to establish:
(1) an estate tax exclusion of $3.5 million, and
(2) a maximum 45% estate tax rate.
Extends for one year:
(1) the increased exemption amount for the alternative minimum tax (AMT), and
(2) the offset against the AMT of certain nonrefundable personal tax credits.
Provides that the budgetary effects of this Act shall not be taken into account under the Statutory Pay-As-You-Go Act of 2010.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)