3.0.0 2059 2019-11-15T21:52:17Z 2019-11-15T21:52:17Z Senate S S 2012-02-01 112 ssfi00 Finance Committee Senate Standing Referred to 2012-02-01T19:42:15Z Middle Class Tax Fairness Act of 2012 112 5333 HR 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. Related bill CRS Paying a Fair Share Act of 2012 112 3903 HR 2012-02-07 Sponsor introductory remarks on measure. (CR H522) Identical 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) Identical bill CRS 2012-02-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2012-02-01 Sponsor introductory remarks on measure. (CR S263-264) IntroReferral B00100 9 Library of Congress 2012-02-01 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N A000069 Sen. Akaka, Daniel K. [D-HI] DANIEL AKAKA D HI KOHIKINA 2012-02-01 True B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2012-02-01 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2012-02-01 True H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2012-02-01 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2012-02-01 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2012-02-01 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2012-02-01 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2012-02-01 True R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2012-02-06 False F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2012-02-06 False B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2012-02-09 False Taxation Budget deficits and national debt Employment taxes Income tax deductions Income tax rates Inflation and prices Social work, volunteer service, charitable organizations Tax reform and tax simplification Taxation 00 2012-02-01 Introduced in Senate 2012-02-25T15:30:14Z Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require 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.

Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

]]> Paying a Fair Share Act of 2012 Short Titles as Introduced Paying a Fair Share Act of 2012 Display Title Paying a Fair Share Act of 2012 Official Title as Introduced A bill to reduce the deficit by imposing a minimum effective tax rate for high-income taxpayers. Introduced in Senate 2012-02-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2059is/xml/BILLS-112s2059is.xml 2012-02-01 Read twice and referred to the Committee on Finance. 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.