S.552 - Emergency Deficit Reduction Act

A bill to reduce the Federal budget deficit by creating a surtax on high income individuals and eliminating big oil and gas company tax loopholes. view all titles (2)

All Bill Titles

  • Official: A bill to reduce the Federal budget deficit by creating a surtax on high income individuals and eliminating big oil and gas company tax loopholes. as introduced.
  • Short: Emergency Deficit Reduction Act as introduced.

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: 2
  • All-Time: 3,131
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
03/10/11
 
 
 
 
 
 
 

Official Summary

Emergency Deficit Reduction Act - Amends the Internal Revenue Code to: (1) impose an additional 5.4% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million ($2 million in the case of a joint return); (2) repeal the amortization of intangible and drilling and dev

Official Summary

Emergency Deficit Reduction Act - Amends the Internal Revenue Code to:
(1) impose an additional 5.4% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million ($2 million in the case of a joint return);
(2) repeal the amortization of intangible and drilling and development costs for oil, gas, and geothermal wells;
(3) repeal the percentage depletion allowance for oil and gas wells; and
(4) deny a tax deduction for income attributable to the domestic production of oil, natural gas, or primary products thereof.

...Read the Rest


Latest Letters to Congress

See All Letters (10)
 


Vote on This Bill

26% Users Support Bill

26 in favor / 74 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC

Top-Rated Comments