US SB1917 | 2011-2012 | 112th Congress

Status

Spectrum: Partisan Bill (Democrat 12-0)
Status: Introduced on November 28 2011 - 25% progression, died in chamber
Action: 2011-12-01 - Motion to proceed to consideration of measure, under the order of 12/1/2011, not having achieved the required 60 votes in the affirmative, was rejected in Senate by Yea-Nay. 51 - 49. Record Vote Number: 219.
Text: Latest bill text (Introduced) [PDF]

Summary

Middle Class Tax Cut Act of 2011 - Reduces employment tax rates in calendar year 2012 (payroll tax holiday period) for both employers and employees to 3.1%. Limits the reduction for employers to the first $5 million of wages paid by the employer in 2012. Reduces the tax rate on the first $5 million of net earning of a self-employed taxpayer. Allows nongovernmental employers a tax credit for payroll increases in the last quarter of 2011 and in 2012. Appropriates funds to the social security trust funds to compensate for any revenue loss to such funds from the reduction in rates and the tax credit allowed by this Act. Amends the Internal Revenue Code to impose on individual taxpayers in taxable years beginning after 2012 an additional tax equal to 3.25% of so much of their modified adjusted gross income as exceeds $1 million. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest. Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013.

Tracking Information

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Title

Middle Class Tax Cut Act of 2011

Sponsors


Roll Calls

2011-12-01 - Senate - On the Motion to Proceed S. 1917 (Y: 51 N: 49 NV: 0 Abs: 0) [FAIL]

History

DateChamberAction
2011-12-01SenateMotion to proceed to consideration of measure, under the order of 12/1/2011, not having achieved the required 60 votes in the affirmative, was rejected in Senate by Yea-Nay. 51 - 49. Record Vote Number: 219.
2011-12-01SenateMotion to proceed to measure considered in Senate. (consideration: CR S8138-8139)
2011-12-01SenateCloture motion on the motion to proceed to the measure withdrawn by unanimous consent in Senate.
2011-11-30SenateMotion to proceed to consideration of measure withdrawn in Senate. (consideration: CR S8011)
2011-11-30SenateCloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S8011; text: CR S8011)
2011-11-30SenateMotion to proceed to consideration of measure made in Senate. (consideration: CR S8011-8012)
2011-11-29SenateRead the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 238.
2011-11-28SenateIntroduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

Same As/Similar To

HB12 (Related) 2011-10-21 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
SB1549 (Related) 2011-09-14 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 165.
SB1660 (Related) 2011-10-11 - Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the bill made in Senate. (consideration: CR S6383)
SB1944 (Related) 2011-12-08 - Motion to proceed to consideration of measure, under the order of 12/8/2011, not having achieved the required 60 votes in the affirmative, was rejected in Senate by Yea-Nay Vote. 50 - 48. Record Vote Number: 224. (consideration: CR S8445)
HB3746 (Related) 2011-12-20 - Referred to the House Committee on Ways and Means.

Subjects


US Congress State Sources


Bill Comments

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