S.3412 - Middle Class Tax Cut Act

A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families. view all titles (3)

All Bill Titles

  • Official: A bill 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.
  • Short: Middle Class Tax Cut Act as passed 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.

Bill’s Views

  • Today: 1
  • Past Seven Days: 6
  • All-Time: 3,697
 
Introduced
 
Senate
Passed
 
House
Passes
 
President
Signs
 

 
07/18/12
 
07/24/12
 
 
 
 
 

 

Latest Vote

Result: Bill Passed - July 25, 2012

Roll call number 184 in the Senate

Question: On Passage of the Bill S. 3412

 

Official Summary

7/25/2012--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Middle Class Tax Cut Act - Title I: Temporary Extension of Tax Relief - (Sec. 101) Extends through 2013 for an indi

Official Summary

7/25/2012--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Middle Class Tax Cut Act - Title I: Temporary Extension of Tax Relief -

(Sec. 101)

Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount (i.e., $200,000 for individual taxpayers, $225,000 for heads of household, and $250,000 for married couples filing a joint tax return) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001. Modifies individual income tax brackets for 2013 to reduce income tax for taxpayers whose adjusted gross income is less than the applicable threshold amount and to increase the income tax rate for taxpayers above such threshold amount. Provides for an inflation adjustment to the applicable threshold amounts for calendar years beginning after 2012. Exempts taxpayers whose adjusted gross income is less than the applicable threshold amount from the phase-out of personal exemptions and itemized deductions.

(Sec. 102)

Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount 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 to 20% the tax rate for capital gains income for taxpayers whose adjusted gross income exceeds the applicable threshold amount.

(Sec. 103)

Extends 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, and
(4) the disregard of tax credits and refunds in determining eligibility for federal and federally-assisted programs (i.e., means tested programs).

(Sec. 104)

Extends to taxable years beginning in 2013 a $250,000 expensing allowance for depreciable business assets, including computer software. Increases to $800,000 the threshold for a phase-out of the amount of such expensing allowance. Title II: Alternative Minimum Tax Relief -

(Sec. 201)

Extends to taxable years beginning in 2012 the increased exemption from the alternative minimum tax (AMT) for individual taxpayers.

(Sec. 202)

Extends to taxable years beginning in 2012 the offset against the AMT for certain nonrefundable personal tax credits. Title III: Budgetary Effects - Provides that the budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010 or any Senate PAYGO scorecard.

...Read the Rest

Organizations Supporting S.3412

  • AFL CIO
  • Americans for Tax Fairness
  • Campaign for America's Future
  • Leadership Conference on Civil and Human Rights
  • Service Employees International Union
  • National Women's Law Center
  • ...and 6 more. See all.

Organizations Opposing S.3412

  • 60 Plus Association
  • National Federation of Independent Business
  • US Chamber of Commerce
  • National Taxpayers Union
  • National Association of Manufacturers
  • Associated Builders & Contractors
  • ...and 5 more. See all.


Latest Letters to Congress

See All Letters (9)
 


Vote on This Bill

67% Users Support Bill

8 in favor / 4 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC