H.R.15 - Middle Class Tax Cut Act

To amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families. view all titles (2)

All Bill Titles

  • Official: 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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/29/12
 
 
 
 
 
 
 

Sponsor

Representative

Sander Levin

D-MI

View Co-Sponsors (38)

Official Summary

7/30/2012--Introduced.Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing a joint return): (1) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001, a

Official Summary

7/30/2012--Introduced.Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing a joint return):
(1) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001, and
(2) 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 income tax rates and phases-out personal exemptions and itemized deductions for certain high-income taxpayers. Amends the Internal Revenue Code to extend 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,
(4) the disregard of tax refunds in determining eligibility for federal and federally-assisted programs, and
(5) the election to expense depreciable business assets. Extends for one year:
(1) the increased exemption amount for the alternative minimum tax (AMT), and
(2) the offset against the AMT of certain nonrefundable personal tax credits. Provides that the budgetary effects of this Act shall not be taken into account under the Statutory Pay-As-You-Go Act of 2010.

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Organizations Supporting H.R.15

  • National Women’s Law Center
  • The Leadership Conference on Civil and Human Rights
  • National Community Tax Coalition

Organizations Opposing H.R.15

  • None via MapLight at this time.




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