S. 1917 (112th): Middle Class Tax Cut Act of 2011

Introduced:
Nov 28, 2011 (112th Congress, 2011–2013)
Status:
Died (Reported by Committee)
See Instead:

S. 1944 (same title)
Reported by Committee — Dec 06, 2011

Sponsor
Robert “Bob” Casey Jr.
Senator from Pennsylvania
Party
Democrat
Text
Read Text »
Last Updated
Nov 29, 2011
Length
16 pages
Related Bills
S. 1944 (Related)
Middle Class Tax Cut Act of 2011

Reported by Committee
Last Action: Dec 06, 2011

H.R. 3746 (Related)
Tax Cuts for the Middle Class Act

Referred to Committee
Last Action: Dec 20, 2011

 
Status

This bill was introduced on November 29, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 28, 2011
Reported by Committee Nov 29, 2011
 
Full Title

A bill to create jobs by providing payroll tax relief for middle class families and businesses, and for other purposes.

Summary

No summaries available.

Votes
Dec 01, 2011 8:27 p.m.
Motion to Proceed Rejected 51/49

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate 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.


11/28/2011--Introduced.
Middle Class Tax Cut Act of 2011 - Reduces employment tax rates in calendar year 2012 (payroll tax holiday period) for both employers and employees to 3.1%. Limits the reduction for employers to the first $5 million of wages paid by the employer in 2012.
Reduces the tax rate on the first $5 million of net earning of a self-employed taxpayer.
Allows nongovernmental employers a tax credit for payroll increases in the last quarter of 2011 and in 2012.
Appropriates funds to the social security trust funds to compensate for any revenue loss to such funds from the reduction in rates and the tax credit allowed by this Act.
Amends the Internal Revenue Code to impose on individual taxpayers in taxable years beginning after 2012 an additional tax equal to 3.25% of so much of their modified adjusted gross income as exceeds $1 million. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest. Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013.

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.

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