H.R.1124 - Fairness in Taxation Act of 2011
To amend the Internal Revenue Code of 1986 to impose increased rates of tax with respect to taxpayers with more than $1,000,000 taxable income, and for other purposes.
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Ms. SCHAKOWSKY (for herself, Mr. GRIJALVA, Mr. ELLISON, Mr. JACKSON of Illinois, Ms. EDWARDS, Mr. FILNER, Mr. NADLER, Mr. COHEN, Mr. YARMUTH, and Mr. DEFAZIO) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. INCREASED TAX RATES FOR TAXPAYERS WITH MORE THAN $1,000,000 TAXABLE INCOME.
‘(j) Special Rule for Capital Gains in Case of Taxable Income Subject to at Least 45-Percent Rate Bracket- If for the taxable year a taxpayer has taxable income in excess of the minimum dollar amount for the 45-percent rate bracket and has a net capital gain, then--CommentsClose CommentsPermalink
Any reduction in net capital gain under the preceding sentence shall be allocated between adjusted net capital gain, unrecaptured 1250 gain, and section 1202 gain in amounts proportionate to the amounts of each such gain.’.CommentsClose CommentsPermalink
(2) CONFORMING AMENDMENT- Paragraph (1) of section 1(h) of such Code is amended by striking ‘If a taxpayer has’ and inserting ‘Except to the extent provided in subsection (j), if a taxpayer has’.CommentsClose CommentsPermalink