21st Century Worker Tax Cut Act

Summary

21st Century Worker Tax Cut Act - Amends the Internal Revenue Code to: (1) allow married taxpayers with at least one qualifying child under the age of 12 an income-based tax deduction equal to 20% of the lesser of $60,000 or the earned income of the spouse with the lower amount of earned income; (2) increase the amount of the earned income tax credit for taxpayers with no qualifying children; (3) increase the penalty for tax return preparers who fail to comply with due diligence requirements for determining eligibility for the earned income tax credit; (4) extend the limitation on the tax deduction for employee remuneration to current or former officers, directors, or employees of a publicly-held corporation; and (5) include in subpart F income (income of controlled foreign corporations the tax on which may not be deferred) low-taxed cross-border income (gross income of a controlled foreign corporation except income that was derived in the home country of such corporation or was subject to an effective rate of income tax imposed by a foreign country in excess of 15%). 

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

Timeline

1. 26 March 2014

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 26 March 2014

   Introduced

   Sponsor introductory remarks on measure. (CR S1776-1777)

   Source: IntroReferral

3. 26 March 2014

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 March 2014 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 March 2014

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 March 2014

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 26 March 2014

  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

• Sen. Murray, Patty [D-WA] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Cosponsor
• Sen. Baldwin, Tammy [D-WI] · D · Cosponsor
• Sen. Schatz, Brian [D-HI] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Stop Subsidizing Multimillion Dollar Corporate Bonuses Act
• related to → Stop Subsidizing Multimillion Dollar Corporate Bonuses Act