US SB552 | 2011-2012 | 112th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on March 10 2011 - 25% progression, died in committee
Action: 2011-03-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 10 2011 - 25% progression, died in committee
Action: 2011-03-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Emergency Deficit Reduction Act - Amends the Internal Revenue Code to: (1) impose an additional 5.4% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million ($2 million in the case of a joint return); (2) repeal the amortization of intangible and drilling and development costs for oil, gas, and geothermal wells; (3) repeal the percentage depletion allowance for oil and gas wells; and (4) deny a tax deduction for income attributable to the domestic production of oil, natural gas, or primary products thereof.
Title
Emergency Deficit Reduction Act
Sponsors
| Sen. Bernard Sanders [I-VT] | Sen. Barbara Boxer [D-CA] | Sen. Barbara Mikulski [D-MD] |
History
| Date | Chamber | Action |
|---|---|---|
| 2011-03-10 | Senate | Read twice and referred to the Committee on Finance. |
| 2011-03-10 | Senate | Sponsor introductory remarks on measure. (CR S1555-1557) |
Subjects
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/senate-bill/552/all-info |
| Text | https://www.congress.gov/112/bills/s552/BILLS-112s552is.pdf |
