S. 2059 · 112th Congress
Paying a Fair Share Act of 2012
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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
WhitehouseSponsor11 cosponsors · 10 D, 1 I
D
Akaka
MB
D
Begich
RB
D
Blumenthal
TH
D
Harkin
PL
D
Leahy
JR
D
Reed
BS
I
Sanders
CS
D
Schumer
AF
D
Franken
JR
D
Rockefeller
BB
D
Boxer8 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax).
What it does: CRS summary · Introduced in Senate · Feb 1, 2012
Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013.
Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Paying a Fair Share Act of 2012
Latest action (Feb 1, 2012): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Feb 1, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.