S.3393 - Middle Class Tax Cut Act112th Congress (2011-2012)
|Sponsor:||Sen. Reid, Harry [D-NV] (Introduced 07/17/2012)|
|Latest Action:||07/18/2012 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 457. (All Actions)|
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Summary: S.3393 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (07/17/2012)
Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing jointly): (1) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) 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 income tax rates and phases-out personal exemptions and itemized deductions for certain high-income taxpayers.
Amends the Internal Revenue Code to extend 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, (4) the disregard of tax refunds in determining eligibility for federal and federally-assisted programs, and (5) the election to expense depreciable business assets.
Modifies estate tax provisions to establish: (1) an estate tax exclusion of $3.5 million, and (2) a maximum 45% estate tax rate.
Extends for one year: (1) the increased exemption amount for the alternative minimum tax (AMT), and (2) the offset against the AMT of certain nonrefundable personal tax credits.
Provides that the budgetary effects of this Act shall not be taken into account under the Statutory Pay-As-You-Go Act of 2010.