H.R. 4265 · 112th Congress
Shared Responsibility in Preserving America's Future Act
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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.
R
CrawfordSponsorNo cosponsors.
Shared Responsibility in Preserving America's Future Act - Amends the Internal Revenue Code to impose, in taxable years beginning after 2012 and before 2023, an additional 5% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million (adjusted for inflation after 2013).
What it does: CRS summary · Introduced in House · Mar 27, 2012
Shared Responsibility in Preserving America's Future Act - Amends the Internal Revenue Code to impose, in taxable years beginning after 2012 and before 2023, an additional 5% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million (adjusted for inflation after 2013). Defines "modified adjusted gross income" as adjusted gross income reduced by the excess of: (1) gross income from a trade or business which is not a passive activity and with respect to which wages are paid to at least one full-time equivalent employee, over (2) the tax deductions properly allocable to such income.
Makes this additional tax contingent upon the submission and ratification of a proposed amendment to the Constitution requiring a balanced budget or limiting spending.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Shared Responsibility in Preserving America's Future Act
Latest action (Mar 27, 2012): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 27, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.