A bill to reduce the deficit by imposing a minimum effective tax rate for high-income taxpayers.
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.
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR H522)
Read twice and referred to the Committee on Finance.
Introduced in Senate
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 339.
Motion to proceed to consideration of measure made in Senate. (consideration: CR S2055-2056)
Motion to proceed to measure considered in Senate. (consideration: CR S2117)
Motion to proceed to measure considered in Senate. (consideration: CR S2188, S2223-2224)
Cloture motion on the motion to proceed to measure presented in Senate. (consideration: CR S2223-2224; text: CR S2223)
Motion to proceed to measure considered in Senate. (consideration: CR S2289-2293, S2294-2305, S2313-2314)
Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 51 - 45. Record Vote Number: 65. (consideration: CR S2313; text: CR S2313)
Roll Call #65 (Senate)checking server…
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