U.S. Congress - S.3412 Middle Class Tax Cut Act
S.3412 - Middle Class Tax Cut Act
A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families. view all titles (3)
All Bill Titles
- Short: Middle Class Tax Cut Act as passed senate.
- Official: A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families. as introduced.
- Short: Middle Class Tax Cut Act as introduced.
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- Past Seven Days: 27
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Latest Vote
Roll call number 184 in the Senate
Question: On Passage of the Bill S. 3412
Official Summary
7/25/2012--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Middle Class Tax Cut Act - Title I: Temporary Extension of Tax Relief - (Sec. 101) Extends through 2013 for an indiOfficial Summary
7/25/2012--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Middle Class Tax Cut Act - Title I: Temporary Extension of Tax Relief -(Sec. 101)
Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount (i.e., $200,000 for individual taxpayers, $225,000 for heads of household, and $250,000 for married couples filing a joint tax return) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001. Modifies individual income tax brackets for 2013 to reduce income tax for taxpayers whose adjusted gross income is less than the applicable threshold amount and to increase the income tax rate for taxpayers above such threshold amount. Provides for an inflation adjustment to the applicable threshold amounts for calendar years beginning after 2012. Exempts taxpayers whose adjusted gross income is less than the applicable threshold amount from the phase-out of personal exemptions and itemized deductions.(Sec. 102)
Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Increases to 20% the tax rate for capital gains income for taxpayers whose adjusted gross income exceeds the applicable threshold amount.(Sec. 103)
Extends through 2013:(1) the increased American Opportunity tax credit,
(2) the increase in the refundable portion of the child tax credit,
(3) the increased earned income tax credit percentage for three or more qualifying children, and
(4) the disregard of tax credits and refunds in determining eligibility for federal and federally-assisted programs (i.e., means tested programs).
(Sec. 104)
Extends to taxable years beginning in 2013 a $250,000 expensing allowance for depreciable business assets, including computer software. Increases to $800,000 the threshold for a phase-out of the amount of such expensing allowance. Title II: Alternative Minimum Tax Relief -(Sec. 201)
Extends to taxable years beginning in 2012 the increased exemption from the alternative minimum tax (AMT) for individual taxpayers.(Sec. 202)
Extends to taxable years beginning in 2012 the offset against the AMT for certain nonrefundable personal tax credits. Title III: Budgetary Effects - Provides that the budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010 or any Senate PAYGO scorecard....Read the Rest
Organizations Supporting S.3412
- AFSCME
- Americans for Democratic Action
- United Auto Workers
- Wider Opportunities for Women
- National Community Tax Coalition
- AFL CIO
- ...and 6 more. See all.
Organizations Opposing S.3412
- Americans for Tax Reform
- National Roofing Contractors Association
- American Farm Bureau Federation
- Americans For Prosperity
- 60 Plus Association
- National Federation of Independent Business
- ...and 5 more. See all.
Latest Letters to Congress
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S.3412 Middle Class Tax Cut Act
KyleLatham
November 30, 2012
I am writing as your constituent in the 25th Congressional district of Texas. I support S.3412 - Middle Class Tax Cut Act.
Without extending this tax cut which directly impacts me and my situation, I will not be able to continue to pursue my degree in education. My financial aid cost of attendance has already been cut for the upcoming year and if this tax break is not extended there is no way that I will be able to make ends meet and still get a higher education.
Thank you for your time a... -
S.3412 Middle Class Tax Cut Act
janerino
November 29, 2012
I am writing as your constituent in the 2nd Congressional district of Ohio. I support S.3412 - Middle Class Tax Cut Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
JAN LIENDECKER -
S.3412 Middle Class Tax Cut Act
deste66
September 15, 2012
I support S.3412 - Middle Class Tax Cut Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
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