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

Introduced:
Jul 17, 2012 (112th Congress, 2011–2013)
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

Sponsor
Harry Reid
Senior Senator from Nevada
Party
Democrat
Text
Read Text »
Last Updated
Jul 18, 2012
Length
22 pages
Related Bills
H.R. 15 (Related)
Middle Class Tax Cut Act

Referred to Committee
Last Action: Jul 30, 2012

S. 3412 (Related)
Middle Class Tax Cut Act

Passed Senate
Last Action: Jul 25, 2012

 
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
 
Full Title

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

Summary

No summaries available.

Cosponsors
none
 
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.


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

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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