US Congress House Bill 3105 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on October 5 2011 - 25% progression, died in committee
Action: 2011-10-05 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Fairness in the American Tax Code Act of 2011 - Amends the Internal Revenue Code to impose an additional tax for taxable years beginning after December 31, 2011, on individual taxpayers equal to: (1) 5% of modified adjusted gross income exceeding $350,000, up to $500,000; (2) 10% of such income exceeding $500,00, up to $1 million; (3) 15% of such income exceeding $1 million, up to $10 million; and (4) 20% of such income exceeding $10 million. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest. Provides for a cost-of-living adjustment to the income levels subject to additional tax for taxable years beginning after 2011.

Fairness in the American Tax Code Act of 2011

Rep. Alcee Hastings [D-FL]

Date	Chamber	Action
2011-10-05	House	Referred to the House Committee on Ways and Means.
2011-10-05	House	Sponsor introductory remarks on measure. (CR E1774-1775)

HB417 (Related) 2011-01-25 - Referred to the House Committee on Ways and Means.
SB1517 (Related) 2011-09-07 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/3105/all-info
Text	https://www.congress.gov/112/bills/hr3105/BILLS-112hr3105ih.pdf