Middle Class Tax Fairness Act of 2012

Summary

Middle Class Tax Fairness Act of 2012 - Amends the Internal Revenue Code to make permanent the taxpayer election to deduct state and local general sales taxes in lieu of state and local income taxes. Requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Requires any savings resulting from the enactment of this Act to be used for federal budget deficit reduction or reduction of the federal debt.

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

Timeline

1. 7 May 2012

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 7 May 2012

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 May 2012

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 7 May 2012 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 May 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 May 2012

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 7 May 2012

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Berkley, Shelley [D-NV-1] · D · Sponsor
• · hsbu00 · Standing
• · hswm00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes.
• related to → To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes.
• related to → Paying a Fair Share Act of 2012
• related to ← Rebuild America Act
• related to ← A bill to amend the Internal Revenue Code of 1986 to permanently extend the election to deduct State and local sales taxes.
• related to ← A bill to provide a permanent deduction for State and local general sales taxes.
• related to ← Paying a Fair Share Act of 2012
• related to ← Rebuild America Act
• related to ← Paying a Fair Share Act of 2012