Middle Class Tax Cut Act
Latest action · Jul 25, 2012 Passed Senate without amendment by Yea-Nay Vote. 51 - 48. Record Vote Number: 184. (text: CR S5355-5356)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 19, 2012
- Passed SenateJul 25, 2012
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(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.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| Senate 184 | On Passage of the Bill S. 3412 | Bill Passed51–48 | Jul 25, 2012 |
Cosponsors
Members who signed on, in the order they did.
Actions 10
Everything that happened, newest first.
- Jul 25, 2012Motion to proceed to consideration of measure made in Senate. (consideration: CR S5321-5352)
- Jul 25, 2012Cloture motion on the motion to proceed to the measure withdrawn by unanimous consent in Senate. (consideration: CR S5352)
- Jul 25, 2012Motion to proceed to consideration of measure agreed to in Senate. (consideration: CR S5352)
- Jul 25, 2012Measure laid before Senate by motion. (consideration: CR S5352-5357)
- Jul 25, 2012Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 51 - 48. Record Vote Number: 184. (text: CR S5355-5356)
In the Congressional Record 24
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S8383, S8418 | Harry Reid D-NV, Mitch McConnell R-KY | Dec 27, 2012 |
| Senate | Debate and remarks S8323 | Harry Reid D-NV | Dec 21, 2012 |
| Senate | Debate and remarks S7757, S7781, S7784 | Benjamin L. Cardin D-MD, Richard J. Durbin D-IL, Tom Harkin D-IA | Dec 12, 2012 |
| Senate | Debate and remarks S7714, S7727 | Barbara Boxer D-CA, Richard J. Durbin D-IL | Dec 11, 2012 |
| Senate | Debate and remarks S7692 | Harry Reid D-NV | Dec 10, 2012 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R42700 | The “Fiscal Cliff”: Macroeconomic Consequences of Tax Increases and Spending Cuts Archived | Report | Jan 9, 2013 |
Amendments 6
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| SA 2568 | No description on file | Kay Bailey Hutchison R-TX | Senate amendment submitted |
| SA 2569 | No description on file | Kay Bailey Hutchison R-TX | Senate amendment submitted |
| SA 2570 | No description on file | Kay Bailey Hutchison R-TX | Senate amendment submitted |
| SA 2571 | No description on file | Jeanne Shaheen D-NH | Senate amendment submitted |
| SA 2572 | No description on file | Susan M. Collins R-ME | Senate amendment submitted |
Related bills 6
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 15 | Middle Class Tax Cut Act | Related bill | Dec 4, 2012 |
| HR 2710 | Fair and Impartial Reform Tax Act of 2011 | Related bill | Jul 29, 2011 |
| S 3393 | Middle Class Tax Cut Act | Related bill | Jul 18, 2012 |
| HR 6100 | Middle Class Tax Cut Protection Act of 2012 | Related bill | Jul 11, 2012 |
| HR 6104 | Working Families Tax Protection Act of 2012 | Related bill | Jul 11, 2012 |
| HR 6262 | Middle Class and Small Business Tax Relief Act of 2012 | Related bill | Aug 1, 2012 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families.
- Short Titles as Introduced
- Middle Class Tax Cut Act
- Short Titles as Passed Senate
- Middle Class Tax Cut Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Business investment and capital
- Capital gains tax
- Computers and information technology
- Income tax credits
- Income tax deductions
- Income tax rates
- Poverty and welfare assistance
- Student aid and college costs
- Tax administration and collection, taxpayers
- Tax treatment of families
- Taxation
- Wages and earnings
Text 2
Each version as it was printed, newest first.
- Jul 25, 2012Engrossed in Senate
- Jul 19, 2012Placed on Calendar Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
