H.R.8 - "Fiscal cliff" bill

To extend certain tax relief provisions enacted in 2001 and 2003, and for other purposes. view all titles (10)

All Bill Titles

  • Popular: "Fiscal cliff" bill as .
  • Popular: "Fiscal cliff" bill.
  • Short: American Taxpayer Relief Act of 2012 as enacted.
  • Official: To extend certain tax relief provisions enacted in 2001 and 2003, and for other purposes. as introduced.
  • Short: Job Protection and Recession Prevention Act of 2012 as introduced.
  • Official: To extend certain tax relief provisions enacted in 2001 and 2003, and to provide for expedited consideration of a bill providing for comprehensive tax reform, and for other purposes. as amended by house.
  • Short: Job Protection and Recession Prevention Act of 2012 as passed house.
  • Short: Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012 as passed house.
  • Short: American Taxpayer Relief Act of 2012 as passed senate.
  • Official: An act entitled the "American Taxpayer Relief Act of 2012". as amended by senate.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Comments Feed

  • SeanRamey 08/11/2012 4:33pm

    Simply put, it’s pretty stupid to NOT support this bill. It’s a small bill and easy to understand. The main purposes are labeled clearly. Just look for
    (b) Purposes and you will see what this bill want’s to do. This should be a no-brainer to support it. If you don’t support this bill, please comment why.

  • vulri39 08/13/2012 12:01pm

    Yes, the purpose that is laid out is very simple and seems like a no-brainer when it comes to supporting it. However, when you get into the weeds of the bill what it basically does is extend tax cuts for the very wealthy while allowing tax cuts to expire for the middle class. If you look at the Amendment that was proposed, it was proposed in order to extend those tax cuts for the middle-class working families and college students, which the main bill did not cover. The Amendment failed, and the Bill was passed with extending tax cuts to the wealth only.

  • jimbrizzle 01/02/2013 9:20pm

    Maybe I am missing something, hopefully someone can explain it to me. So this bill extended 1) the reduction in Dividends and Capital gains tax 2) the treatment of estate and gift tax (which realistically has little effect on the majority of Americans) 3) Bumped up the AMT exemption (which was absolutely neccesary) 4) and continued the immediate deductibility of certain capital expenditures for small businesses. Did I miss anything? What was the need to do this on New Years Eve when all of these things could quite easily have been put in place retroactively next week?

  • Comm_reply
    Navie05 01/06/2013 4:18pm

    That’s exactly the thing, Jim. Anything Congress would have done they could backdate it to December 31, 2012. That’s why it’s a manufactured crisis.

    Sec. 102 of the bill was the part that passed the Bush Tax Cuts, which was what everyone worried about ending 12/31/12. Not to mention that those tax cuts were meant to be temporary anyway (that’s why there was a sunset provision). In those two bills you can read along and see what they extended.

    However, I’m not sure I agree with the ‘goals’ that are meant to be introduced with this new comprehensive tax reform bill proposed in Title II. If you look at Sec. 203(b)(1), you can see they’re looking for a:

    1. Maximum individual AND corporate tax rate of 25% (they are currently 35% for individuals and 38.4% for corporations, IIRC)

    2. Repealing AMT (I can understand raising the minimum AGI, but not full repeal for the wealthy)

    … and others which I ran out of room to type them.


Vote on This Bill

46% Users Support Bill

13 in favor / 15 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC

Top-Rated Comments