US SB2059 | 2011-2012 | 112th Congress
Status
Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: Introduced on February 1 2012 - 25% progression, died in committee
Action: 2012-02-01 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 1 2012 - 25% progression, died in committee
Action: 2012-02-01 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require 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. Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.
Title
Paying a Fair Share Act of 2012
Sponsors
Sen. Sheldon Whitehouse [D-RI] | Sen. Daniel Akaka [D-HI] | Sen. Mark Begich [D-AK] | Sen. Richard Blumenthal [D-CT] |
Sen. Barbara Boxer [D-CA] | Sen. Al Franken [D-MN] | Sen. Tom Harkin [D-IA] | Sen. Patrick Leahy [D-VT] |
Sen. Jack Reed [D-RI] | Sen. John Rockefeller [D-WV] | Sen. Bernard Sanders [I-VT] | Sen. Charles Schumer [D-NY] |
History
Date | Chamber | Action |
---|---|---|
2012-02-01 | Senate | Read twice and referred to the Committee on Finance. |
2012-02-01 | Senate | Sponsor introductory remarks on measure. (CR S263-264) |
Same As/Similar To
HB3903 (Same As) 2012-02-07 - Sponsor introductory remarks on measure. (CR H522)
SB2230 (Same As) 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)
HB5333 (Related) 2012-05-07 - Referred to House Budget
SB2230 (Same As) 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)
HB5333 (Related) 2012-05-07 - Referred to House Budget
Subjects
Budget deficits and national debt
Employment taxes
Income tax deductions
Income tax rates
Inflation and prices
Social work, volunteer service, charitable organizations
Tax reform and tax simplification
Taxation
Employment taxes
Income tax deductions
Income tax rates
Inflation and prices
Social work, volunteer service, charitable organizations
Tax reform and tax simplification
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/senate-bill/2059/all-info |
Text | https://www.congress.gov/112/bills/s2059/BILLS-112s2059is.pdf |