US HB4260 | 2011-2012 | 112th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on March 26 2012 - 25% progression, died in committee
Action: 2012-03-26 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 26 2012 - 25% progression, died in committee
Action: 2012-03-26 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Adjusting for Income Disparity Act of 2012 - Amends the Internal Revenue Code to allow an individual taxpayer a new tax credit to compensate for income disparity. Sets the amount of such credit at the applicable credit amount ($2,500 to $5,000) reduced by a specified percentage (3 1/3% to 6 2/3%) of the excess of the taxpayer's modified adjusted gross income over a specified threshold ($15,000 to $30,000), based on the number of the taxpayer's dependents. Accelerates to December 31, 2011 (currently, December 31, 2012), the termination date for the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) providing for a reduction in capital gain and dividend tax rates.
Title
Adjusting for Income Disparity Act of 2012
Sponsors
Rep. Yvette Clarke [D-NY] |
History
Date | Chamber | Action |
---|---|---|
2012-03-26 | House | Referred to the House Committee on Ways and Means. |
Subjects
Capital gains tax
Income tax credits
Income tax deductions
Income tax rates
Tax treatment of families
Taxation
Transfer and inheritance taxes
Wages and earnings
Income tax credits
Income tax deductions
Income tax rates
Tax treatment of families
Taxation
Transfer and inheritance taxes
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/house-bill/4260/all-info |
Text | https://www.congress.gov/112/bills/hr4260/BILLS-112hr4260ih.pdf |