3.0.0 5333 2023-01-11T13:23:02Z 2023-01-11T13:23:02Z House H HR 2012-05-07 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. BERKLEY:H.R. 5333.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8: ``The Congress shall have Power Tolay and collect Taxes, Duties, Imposts and Excises, . . .''[Page H2321]]]> hsbu00 Budget Committee House Standing Referred to 2012-05-07T18:07:00Z hswm00 Ways and Means Committee House Standing Referred to 2012-05-07T18:06:50Z To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes. 112 445 HR 2011-01-25 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes. 112 476 HR 2011-01-26 Referred to the House Committee on Ways and Means. Related bill CRS Paying a Fair Share Act of 2012 112 3903 HR 2012-02-07 Sponsor introductory remarks on measure. (CR H522) Related bill CRS Rebuild America Act 112 5727 HR 2012-06-04 Referred to the Subcommittee on Crime, Terrorism, and Homeland Security. Related bill CRS A bill to amend the Internal Revenue Code of 1986 to permanently extend the election to deduct State and local sales taxes. 112 24 S 2011-01-25 Read twice and referred to the Committee on Finance. Related bill CRS A bill to provide a permanent deduction for State and local general sales taxes. 112 80 S 2011-01-25 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S187) Related bill CRS Paying a Fair Share Act of 2012 112 2059 S 2012-02-01 Read twice and referred to the Committee on Finance. Related bill CRS Paying a Fair Share Act of 2012 112 2230 S 2012-04-16 Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 51 - 45. Record Vote Number: 65. (consideration: CR S2313; text: CR S2313) Related bill CRS Rebuild America Act 112 2252 S 2012-03-29 Read twice and referred to the Committee on Finance. Related bill CRS 2012-05-07 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. IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2012-05-07 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2012-05-07 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-05-07 Introduced in House IntroReferral 1000 9 Library of Congress B001231 Rep. Berkley, Shelley [D-NV-1] SHELLEY BERKLEY D NV 1 N Taxation Budget deficits and national debt Income tax deductions Income tax rates Sales and excise taxes State and local taxation Taxation 00 2012-05-07 Introduced in House 2012-05-26T17:04:49Z 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.

]]> Middle Class Tax Fairness Act of 2012 Display Title Middle Class Tax Fairness Act of 2012 Official Title as Introduced To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes, and for other purposes. Introduced in House IH Short Titles as Introduced Middle Class Tax Fairness Act of 2012 Introduced in House 2012-05-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr5333ih/xml/BILLS-112hr5333ih.xml 2012-05-07 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. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.