S. 1944 (112th): Middle Class Tax Cut Act of 2011

Introduced:
Dec 05, 2011 (112th Congress, 2011–2013)
Status:
Died (Reported by Committee)
Sponsor
Robert “Bob” Casey Jr.
Senator from Pennsylvania
Party
Democrat
Text
Read Text »
Last Updated
Dec 06, 2011
Length
16 pages
Related Bills
S. 1917 (Related)
Middle Class Tax Cut Act of 2011

Reported by Committee
Last Action: Nov 29, 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 December 6, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 05, 2011
Reported by Committee Dec 06, 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 08, 2011 2:31 p.m.
Motion to Proceed Rejected 50/48

Cosponsors
5 cosponsors (5D) (show)
 
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.


12/5/2011--Introduced.
Middle Class Tax Cut Act of 2011 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2012 the reduction in employment taxes for employees and the self-employed. Increases such reduction from 2% to 3.1%
Amends the Internal Revenue Code to impose on individual taxpayers between 2012 and 2022 an additional tax equal to 1.9% of so much of their modified adjusted gross income in excess of $1 million. Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest.
Imposes a 50% tax (55% for a taxable year beginning in 2011 or 2012) on any unemployment compensation received by a taxpayer with an adjusted gross income of at least $1 million. Denies a tax deduction for the payment of such tax.
Amends the Food and Nutrition Act of 2008 to render ineligible for the supplemental nutrition assistance program (SNAP), formerly food stamps, any household in which a member receives income or assets with a fair market value of at least $1 million.
Amends the Housing and Community Development Act of 1992 to require until October 1, 2021, a phased increase in the fees charged to mortgage lenders by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to guarantee payment of new mortgage loans.

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.

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