US HB5333 | 2011-2012 | 112th Congress

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 7 2012 - 25% progression, died in committee
Action: 2012-05-07 - Referred to House Budget
Pending: House Budget Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

Middle Class Tax Fairness Act of 2012

Sponsors


History

DateChamberAction
2012-05-07HouseReferred to House Budget
2012-05-07HouseReferred to House Ways and Means
2012-05-07HouseReferred 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.

Same As/Similar To

HB445 (Related) 2011-01-25 - Referred to the House Committee on Ways and Means.
HB476 (Related) 2011-01-26 - Referred to the House Committee on Ways and Means.
SB24 (Related) 2011-01-25 - Read twice and referred to the Committee on Finance.
SB80 (Related) 2011-01-25 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S187)
HB3903 (Related) 2012-02-07 - Sponsor introductory remarks on measure. (CR H522)
SB2059 (Related) 2012-02-01 - Read twice and referred to the Committee on Finance.
SB2230 (Related) 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)
HB5727 (Related) 2012-06-04 - Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
SB2252 (Related) 2012-03-29 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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