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HR 4260 112th Congress House Taxation Capital gains tax Income tax credits Income tax deductions Income tax rates Tax treatment of families Transfer and inheritance taxes Wages and earnings

Adjusting for Income Disparity Act of 2012

Introduced: March 26, 2012 Introduced by: Clarke, Yvette D. Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 26, 2012
Referred to the House Committee on Ways and Means.
Mar 26, 2012
Introduced in House
 Plain-English summary Congressional Research Service

Adjusting for Income Disparity Act of 2012 - Amends the Internal Revenue Code to allow an individual taxpayer a new tax credit to compensate for income disparity. Sets the amount of such credit at the applicable credit amount ($2,500 to $5,000) reduced by a specified percentage (3 1/3% to 6 2/3%) of the excess of the taxpayer's modified adjusted gross income over a specified threshold ($15,000 to $30,000), based on the number of the taxpayer's dependents.

Accelerates to December 31, 2011 (currently, December 31, 2012), the termination date for the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) providing for a reduction in capital gain and dividend tax rates.

What's happening now March 26, 2012

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1