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United States · Bill · HR

H.R. 4265 (112th)

Shared Responsibility in Preserving America's Future Act

referredUnited States· United States Congress· EN

Introduced

27 March 2012

Last action

27 March 2012 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Crawford, Eric A. "Rick" [R-AR-1]

Subjects

Rule of law, Taxation, Budget

Source updated

14 August 2025

Rule of law · Taxation · Budget

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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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 27 March 2012

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 27 March 2012

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 27 March 2012

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • 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

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 27 March 2012

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Sponsors

Related records

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Sources

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