Fairness in the American Tax Code Act of 2011

Summary

Fairness in the American Tax Code Act of 2011 - Amends the Internal Revenue Code to impose an additional tax for taxable years beginning after December 31, 2011, on individual taxpayers equal to: (1) 5% of modified adjusted gross income exceeding $350,000, up to $500,000; (2) 10% of such income exceeding $500,00, up to $1 million; (3) 15% of such income exceeding $1 million, up to $10 million; and (4) 20% of such income exceeding $10 million. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest.  Provides for a cost-of-living adjustment to the income levels subject to additional tax for taxable years beginning after 2011.

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Timeline

1. 5 October 2011

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 5 October 2011

   Introduced

   Sponsor introductory remarks on measure. (CR E1774-1775)

   Source: IntroReferral

3. 5 October 2011

   Introduced

   Introduced in House

   Source: IntroReferral

4. 5 October 2011

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 5 October 2011 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 October 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 October 2011

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 October 2011

  Open at official source

Sponsors

• ALCEE HASTINGS · D · Sponsor
• · hswm00 · Standing

Related records

• related to → Small Business Tax Relief Act of 2011
• related to ← 21st Century WPA Act