Middle Class Tax Cut Act

Summary

Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing jointly): (1) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Increases income tax rates and phases-out personal exemptions and itemized deductions for certain high-income taxpayers. Amends the Internal Revenue Code to extend through 2013: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, (3) the increased earned income tax credit percentage for three or more qualifying children, (4) the disregard of tax refunds in determining eligibility for federal and federally-assisted programs, and (5) the election to expense depreciable business assets. Modifies estate tax provisions to establish: (1) an estate tax exclusion of $3.5 million, and (2) a maximum 45% estate tax rate. Extends for one year: (1) the increased exemption amount for the alternative minimum tax (AMT), and (2) the offset against the AMT of certain nonrefundable personal tax credits. Provides that the budgetary effects of this Act shall not be taken into account under the Statutory Pay-As-You-Go Act of 2010.

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

Timeline

1. 17 July 2012

   Introduced

   Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text of measure as introduced: CR S5087-5089)

   Source: Calendars

2. 17 July 2012

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 18 July 2012

   Calendars

   Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 457.

   Source: Calendars

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 18 July 2012 · Download file

Documents

3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 18 July 2012

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 18 July 2012

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 17 July 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

• Sen. Reid, Harry [D-NV] · D · Sponsor

Related records

• related to → Middle Class Tax Cut Act
• related to → Sensible Estate Tax Relief Act of 2012
• related to → Fair and Impartial Reform Tax Act of 2011
• related to → Middle Class Tax Cut Protection Act of 2012
• related to → Working Families Tax Protection Act of 2012
• related to → Middle Class and Small Business Tax Relief Act of 2012
• related to ← Middle Class Tax Cut Act