Shared Responsibility in Preserving America's Future Act

Summary

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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 March 2012

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• Introduced in House (PDF)

  Introduced in House · EN · 27 March 2012

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• Introduced in House

  summary · EN · 27 March 2012

  Open at official source

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