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H.R.6535 - Save America's National Economy Act

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to repeal the sequestration added by the Budget Control Act of 2011, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to repeal the sequestration added by the Budget Control Act of 2011, and for other purposes. as introduced.
  • Short: Save America's National Economy Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
09/21/12
 
 
 
 
 
 
 

Official Summary

Save America's National Economy Act - Repeals provisions of the Balanced Budget and Emergency Deficit Control Act of 1985, as added by the Budget Control Act of 2011, that require automatic reductions in discretionary spending (sequestration) between FY2013 and FY2021. Amends the Inter

Official Summary

Save America's National Economy Act - Repeals provisions of the Balanced Budget and Emergency Deficit Control Act of 1985, as added by the Budget Control Act of 2011, that require automatic reductions in discretionary spending (sequestration) between FY2013 and FY2021. Amends the Internal Revenue Code to:
(1) increase individual income tax rates for taxpayers whose taxable income exceeds $1 million, and
(2) provide for an adjustment in the capital gains tax of taxpayers whose taxable income is subject to the 45% tax bracket. Establishes caps on funding levels for overseas contingency operations and related activities for FY2013-FY2021.

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