Middle Class Tax Cut Act

3.0.0 3412 2022-02-03T05:53:07Z 2023-01-10T03:57:36Z Senate S S 2012-07-19 112 Middle Class Tax Cut Act 112 15 HR 2012-12-04 Motion to Discharge Committee filed by Mr. Walz (MN). Petition No: 112-6. (<a href="http://clerk.house.gov/112/lrc/pd/petitions/DisPet0006.xml">Discharge petition</a> text with signatures.) Related bill CRS Fair and Impartial Reform Tax Act of 2011 112 2710 HR 2011-07-29 Referred to the House Committee on Ways and Means. Related bill CRS Middle Class Tax Cut Protection Act of 2012 112 6100 HR 2012-07-11 Referred to the House Committee on Ways and Means. Related bill CRS Working Families Tax Protection Act of 2012 112 6104 HR 2012-07-11 Referred to the House Committee on Ways and Means. Related bill CRS Middle Class and Small Business Tax Relief Act of 2012 112 6262 HR 2012-08-01 Referred to the House Committee on Ways and Means. Related bill CRS Middle Class Tax Cut Act 112 3393 S 2012-07-18 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 457. Related bill CRS 2012-07-25 Senate Passed Senate without amendment by Yea-Nay Vote. 51 - 48. Record Vote Number: 184. (text: CR S5355-5356) Floor 184 https://www.senate.gov/legislative/LIS/roll_call_votes/vote1122/vote_112_2_00184.xml Senate 112 2012-07-25T21:00:04Z 2 2012-07-25 Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 51 - 48. Record Vote Number: 184.(text: CR S5355-5356) Floor 17000 9 Library of Congress 184 https://www.senate.gov/legislative/LIS/roll_call_votes/vote1122/vote_112_2_00184.xml Senate 112 2012-07-25T21:00:04Z 2 2012-07-25 Senate Measure laid before Senate by motion. (consideration: CR S5352-5357) Floor 2012-07-25 Senate Motion to proceed to consideration of measure agreed to in Senate. (consideration: CR S5352) Floor 2012-07-25 Senate Cloture motion on the motion to proceed to the measure withdrawn by unanimous consent in Senate. (consideration: CR S5352) Floor 2012-07-25 Senate Motion to proceed to consideration of measure made in Senate. (consideration: CR S5321-5352) Floor 2012-07-24 Senate Motion to proceed to consideration of measure made in Senate. (consideration: CR S5265-5279, S5279-5282, S5282-5298) Floor 2012-07-23 Senate Cloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S5244; text: CR S5244) Floor 2012-07-23 Senate Motion to proceed to consideration of measure made in Senate. (consideration: CR S5239-5244) Floor 2012-07-19 Senate Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 467. (text of measure as introduced: CR S5216-5218) Calendars 2012-07-19 Introduced in Senate IntroReferral 10000 9 Library of Congress R000146 Sen. Reid, Harry [D-NV] HARRY REID D NV M. N Taxation Business investment and capital Capital gains tax Computers and information technology Income tax credits Income tax deductions Income tax rates Poverty and welfare assistance Student aid and college costs Tax administration and collection, taxpayers Tax treatment of families Wages and earnings Taxation

00 2012-07-19 Introduced in Senate 2012-07-23T19:49:55Z Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing a joint return): (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.

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.

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82 2012-07-25 Passed Senate without amendment 2012-08-03T20:20:27Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Middle Class Tax Cut Act - Title I: Temporary Extension of Tax Relief - (Sec. 101) Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount (i.e., $200,000 for individual taxpayers, $225,000 for heads of household, and $250,000 for married couples filing a joint tax return) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001.

Modifies individual income tax brackets for 2013 to reduce income tax for taxpayers whose adjusted gross income is less than the applicable threshold amount and to increase the income tax rate for taxpayers above such threshold amount. Provides for an inflation adjustment to the applicable threshold amounts for calendar years beginning after 2012. Exempts taxpayers whose adjusted gross income is less than the applicable threshold amount from the phase-out of personal exemptions and itemized deductions.

(Sec. 102) Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount 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 to 20% the tax rate for capital gains income for taxpayers whose adjusted gross income exceeds the applicable threshold amount.

(Sec. 103) Extends 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, and (4) the disregard of tax credits and refunds in determining eligibility for federal and federally-assisted programs (i.e., means tested programs).

(Sec. 104) Extends to taxable years beginning in 2013 a $250,000 expensing allowance for depreciable business assets, including computer software. Increases to $800,000 the threshold for a phase-out of the amount of such expensing allowance.

Title II: Alternative Minimum Tax Relief - (Sec. 201) Extends to taxable years beginning in 2012 the increased exemption from the alternative minimum tax (AMT) for individual taxpayers.

(Sec. 202) Extends to taxable years beginning in 2012 the offset against the AMT for certain nonrefundable personal tax credits.

Title III: Budgetary Effects - Provides that the budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010 or any Senate PAYGO scorecard.

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Middle Class Tax Cut Act Short Titles as Introduced Middle Class Tax Cut Act Short Titles as Passed Senate Middle Class Tax Cut Act S Senate Display Title Middle Class Tax Cut Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families. 2573 112 SAMDT In the nature of a substitute. 2022-02-03T05:53:07Z 2012-07-25 Amendment SA 2573 not agreed to in Senate by Yea-Nay Vote. 45 - 54. Record Vote Number: 183. (consideration: CR S5353) Record Vote Number: 183 https://www.senate.gov/legislative/LIS/roll_call_votes/vote1122/vote_112_2_00183.xml S5353 https://www.congress.gov/congressional-record/volume-158/senate-section/page/S5353 SA 2573 https://www.congress.gov/amendment/112th-congress/senate-amendment/2573 H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 18 18 M000355 Sen. McConnell, Mitch [R-KY] Mitch McConnell R KY 2012-07-25 True J000291 Sen. Johanns, Mike [R-NE] Mike Johanns R NE 2012-07-25 True R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2012-07-25 True B001135 Sen. Burr, Richard [R-NC] Richard Burr R NC Mauze 2012-07-25 True T000250 Sen. Thune, John [R-SD] John Thune R SD R. 2012-07-25 True C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2012-07-25 True K000352 Sen. Kyl, Jon [R-AZ] Jon Kyl R AZ Llewellyn 2012-07-25 True B001236 Sen. Boozman, John [R-AR] John Boozman R AR 2012-07-25 True B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2012-07-25 True R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2012-07-25 True M000303 Sen. McCain, John [R-AZ] JOHN MCCAIN R AZ SIDNEY 2012-07-25 True G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2012-07-25 True B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2012-07-25 True K000360 Sen. Kirk, Mark Steven [R-IL] MARK KIRK R IL STEVEN 2012-07-25 True H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2012-07-25 True H001061 Sen. Hoeven, John [R-ND] John Hoeven R ND 2012-07-25 True S000320 Sen. Shelby, Richard C. [R-AL] Richard Shelby R AL C. 2012-07-25 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2012-07-25 True 2012-07-25T04:00:00Z 2012-07-25T04:00:00Z Senate 112 S Senate S 3412 Middle Class Tax Cut Act 2023-01-10T03:57:36Z 7 2012-07-25 0 Senate Amendment SA 2573 not agreed to in Senate by Yea-Nay Vote. 45 - 54. Record Vote Number: 183. (consideration: CR S5353) Floor 183 Senate 112 2012-07-25T20:31:21Z 2 https://www.senate.gov/legislative/LIS/roll_call_votes/vote1122/vote_112_2_00183.xml 2012-07-25 0 Senate Amendment SA 2573 proposed by Senator Hatch. (consideration: CR S5352-5353; text: CR S5352-5353) In the nature of a substitute. Floor 2012-07-25 Senate amendment proposed (on the floor): Amendment SA 2573 proposed by Senator Hatch.(consideration: CR S5352-5353; text: CR S5352-5353) Floor 93000 9 Library of Congress 2012-07-25 Roll call votes on amendments in Senate: Amendment SA 2573 not agreed to in Senate by Yea-Nay Vote. 45 - 54. Record Vote Number: 183.(consideration: CR S5353) Floor 97000 9 Library of Congress 183 Senate 112 2012-07-25T20:31:21Z 2 https://www.senate.gov/legislative/LIS/roll_call_votes/vote1122/vote_112_2_00183.xml 2012-07-25 Senate amendment not agreed to: Amendment SA 2573 not agreed to in Senate by Yea-Nay Vote. 45 - 54. Record Vote Number: 183.(consideration: CR S5353) Floor 95000 9 Library of Congress 183 Senate 112 2012-07-25T20:31:21Z 2 https://www.senate.gov/legislative/LIS/roll_call_votes/vote1122/vote_112_2_00183.xml 2012-07-25 Senate amendment submitted Floor 91000 9 Library of Congress 2572 112 SAMDT 2022-02-03T05:53:07Z C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2012-07-24T04:00:00Z Senate 112 S Senate S 3412 Middle Class Tax Cut Act 2023-01-10T03:57:36Z 2 2012-07-24 Senate amendment submitted Floor 91000 9 Library of Congress 2571 112 SAMDT 2022-02-03T05:53:07Z S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 1 1 P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2012-07-24 True 2012-07-24T04:00:00Z Senate 112 S Senate S 3412 Middle Class Tax Cut Act 2023-01-10T03:57:36Z 2 2012-07-24 Senate amendment submitted Floor 91000 9 Library of Congress 2570 112 SAMDT 2022-02-03T05:53:07Z H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 4 4 B001236 Sen. Boozman, John [R-AR] John Boozman R AR 2012-07-24 True B001135 Sen. Burr, Richard [R-NC] Richard Burr R NC Mauze 2012-07-24 True C000560 Sen. Coburn, Tom [R-OK] TOM COBURN R OK 2012-07-24 True P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2012-07-24 True 2012-07-24T04:00:00Z Senate 112 S Senate S 3412 Middle Class Tax Cut Act 2023-01-10T03:57:36Z 2 2012-07-24 Senate amendment submitted Floor 91000 9 Library of Congress 2569 112 SAMDT 2022-02-03T05:53:07Z H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2 2 A000360 Sen. Alexander, Lamar [R-TN] Lamar Alexander R TN 2012-07-25 False E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. 2012-07-25 False 2012-07-24T04:00:00Z Senate 112 S Senate S 3412 Middle Class Tax Cut Act 2023-01-10T03:57:36Z 2 2012-07-24 Senate amendment submitted Floor 91000 9 Library of Congress 2568 112 SAMDT 2022-02-03T05:53:07Z H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2012-07-24T04:00:00Z Senate 112 S Senate S 3412 Middle Class Tax Cut Act 2023-01-10T03:57:36Z 2 2012-07-24 Senate amendment submitted Floor 91000 9 Library of Congress Engrossed in Senate 2012-07-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s3412es/xml/BILLS-112s3412es.xml Placed on Calendar Senate 2012-07-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s3412pcs/xml/BILLS-112s3412pcs.xml 2012-07-25 Passed Senate without amendment by Yea-Nay Vote. 51 - 48. Record Vote Number: 184. (text: CR S5355-5356) 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. 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