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Middle Class Tax Cut Act of 2011

Motion to proceed to consideration of measure, under the order of 12/1/2011, not having achieved the required 60 votes in the affirmative, was rejected in Senate by Yea-Nay. 51 - 49. Record Vote Number: 219.

Official summary

Version 00 · Introduced in Senate · Nov 28, 2011

Middle Class Tax Cut Act of 2011 - Reduces employment tax rates in calendar year 2012 (payroll tax holiday period) for both employers and employees to 3.1%.  Limits the reduction for employers to the first $5 million of wages paid by the employer in 2012.

Reduces the tax rate on the first $5 million of net earning of a self-employed taxpayer.

Allows nongovernmental employers a tax credit for payroll increases in the last quarter of 2011 and in 2012.

Appropriates funds to the social security trust funds to compensate for any revenue loss to such funds from the reduction in rates and the tax credit allowed by this Act.

Amends the Internal Revenue Code to impose on individual taxpayers in taxable years beginning after 2012 an additional tax equal to 3.25% of so much of their modified adjusted gross income as exceeds $1 million.  Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest.  Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013.

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Who introduced it

Sen. Casey, Robert P., Jr. [D-PA] · D–PA

Committees

    11 cosponsorship records, including any withdrawals

    Actions

    A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

    1. Motion to proceed to consideration of measure, under the order of 12/1/2011, not having achieved the required 60 votes in the affirmative, was rejected in Senate by Yea-Nay. 51 - 49. Record Vote Number: 219.

      Senate roll call 219 · Individual votes
    2. Motion to proceed to measure considered in Senate. (consideration: CR S8138-8139)

    3. Cloture motion on the motion to proceed to the measure withdrawn by unanimous consent in Senate.

    4. Motion to proceed to consideration of measure withdrawn in Senate. (consideration: CR S8011)

    5. Cloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S8011; text: CR S8011)

    6. Motion to proceed to consideration of measure made in Senate. (consideration: CR S8011-8012)

    7. Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 238.

    8. Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

    9. Introduced in Senate

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