S.1944 - 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
 

 
12/05/11
 
 
 
 
 
 
 

 

Latest Vote

Result: Motion to Proceed Rejected - December 08, 2011

Roll call number 224 in the Senate

Question: On the Motion to Proceed S. 1944

 

Official Summary

Middle Class Tax Cut Act of 2011 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2012 the reduction in employment taxes for employees and the self-employed. Increases such reduction from 2% to 3.1% Amends the Internal Revenue C

Official Summary

Middle Class Tax Cut Act of 2011 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2012 the reduction in employment taxes for employees and the self-employed. Increases such reduction from 2% to 3.1% Amends the Internal Revenue Code to impose on individual taxpayers between 2012 and 2022 an additional tax equal to 1.9% of so much of their modified adjusted gross income in excess of $1 million. Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013. Defines \"modified adjusted gross income\" as adjusted gross income reduced by any deduction allowed for investment interest. Imposes a 50% tax (55% for a taxable year beginning in 2011 or 2012) on any unemployment compensation received by a taxpayer with an adjusted gross income of at least $1 million. Denies a tax deduction for the payment of such tax. Amends the Food and Nutrition Act of 2008 to render ineligible for the supplemental nutrition assistance program (SNAP), formerly food stamps, any household in which a member receives income or assets with a fair market value of at least $1 million. Amends the Housing and Community Development Act of 1992 to require until October 1, 2021, a phased increase in the fees charged to mortgage lenders by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to guarantee payment of new mortgage loans.

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