H.R. 3105 · 112th Congress
Fairness in the American Tax Code Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HastingsSponsorNo cosponsors.
Fairness in the American Tax Code Act of 2011 - Amends the Internal Revenue Code to impose an additional tax for taxable years beginning after December 31, 2011, on individual taxpayers equal to: (1) 5% of modified adjusted gross income exceeding $350,000, up to $500,000; (2) 10% of such income exceeding $500,00, up to $1 million; (3) 15% of such income…
What it does: CRS summary · Introduced in House · Oct 5, 2011
Fairness in the American Tax Code Act of 2011 - Amends the Internal Revenue Code to impose an additional tax for taxable years beginning after December 31, 2011, on individual taxpayers equal to: (1) 5% of modified adjusted gross income exceeding $350,000, up to $500,000; (2) 10% of such income exceeding $500,00, up to $1 million; (3) 15% of such income exceeding $1 million, up to $10 million; and (4) 20% of such income exceeding $10 million. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest. Provides for a cost-of-living adjustment to the income levels subject to additional tax for taxable years beginning after 2011.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fairness in the American Tax Code Act of 2011
Latest action (Oct 5, 2011): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 5, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.