S.1917 - Middle Class Tax Cut Act of 2011

A bill to create jobs by providing payroll tax relief for middle class families and businesses, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to create jobs by providing payroll tax relief for middle class families and businesses, and for other purposes. as introduced.
  • Short: Middle Class Tax Cut Act of 2011 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
11/28/11
 
 
 
 
 
 
 

Sponsor

Senator

Robert Casey

D-PA

View Co-Sponsors (11)

Committees

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Latest Vote

Result: Motion to Proceed Rejected - December 01, 2011

Roll call number 219 in the Senate

Question: On the Motion to Proceed S. 1917

 

Official Summary

Middle Class Tax Cut Act of 2011 - Reduces employment tax rates in calendar year 2012 (payroll tax holiday period) for both employers and employees to 3.1%.  Limits the reduction for employers to the first $5 million of wages paid by the employer in 2012. Reduces the tax rate on the first $

Official Summary

Middle Class Tax Cut Act of 2011 - Reduces employment tax rates in calendar year 2012 (payroll tax holiday period) for both employers and employees to 3.1%.  Limits the reduction for employers to the first $5 million of wages paid by the employer in 2012. Reduces the tax rate on the first $5 million of net earning of a self-employed taxpayer. Allows nongovernmental employers a tax credit for payroll increases in the last quarter of 2011 and in 2012. Appropriates funds to the social security trust funds to compensate for any revenue loss to such funds from the reduction in rates and the tax credit allowed by this Act. Amends the Internal Revenue Code to impose on individual taxpayers in taxable years beginning after 2012 an additional tax equal to 3.25% of so much of their modified adjusted gross income as exceeds $1 million.  Defines \"modified adjusted gross income\" as adjusted gross income reduced by any deduction allowed for investment interest.  Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013.

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Organizations Supporting S.1917

  • National Air Traffic Controllers Association
  • National Treasury Employees Union
  • International Association of Fire Fighters
  • National Active and Retired Federal Employees Association
  • International Federation of Professional and Technical Engineers
  • Federal Managers Association
  • ...and 17 more. See all.

Organizations Opposing S.1917

  • Americans for Tax Reform


Latest Letters to Congress

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