S.2059 - Paying a Fair Share Act of 2012

A bill to reduce the deficit by imposing a minimum effective tax rate for high-income taxpayers. view all titles (2)

All Bill Titles

  • Official: A bill to reduce the deficit by imposing a minimum effective tax rate for high-income taxpayers. as introduced.
  • Short: Paying a Fair Share Act of 2012 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
02/01/12
 
 
 
 
 
 
 

Sponsor

Senator

Sheldon Whitehouse

D-RI

View Co-Sponsors (11)

Official Summary

Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contri

Official Summary

Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of:
(1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over
(2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

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Organizations Supporting S.2059

  • Independent Sector
  • Wealth for Common Good
  • National Education Association
  • South Carolina Small Business Chamber of Commerce
  • United Auto Workers
  • Progressive Congress
  • ...and 45 more. See all.

Organizations Opposing S.2059

  • None via MapLight at this time.


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