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

Introduced:
Mar 27, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Eric “Rick” Crawford
Representative for Arkansas's 1st congressional district
Party
Republican
Text
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Last Updated
Mar 27, 2012
Length
7 pages
 
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
 
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.

Cosponsors
none
Committees

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


3/27/2012--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

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

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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.

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