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HR 4265 112th Congress House Taxation Budget deficits and national debt Constitution and constitutional amendments Income tax rates

Shared Responsibility in Preserving America's Future Act

Introduced: March 27, 2012 Introduced by: Crawford, Eric A. "Rick" Republican · Arkansas 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 27, 2012
Referred to the House Committee on Ways and Means.
Mar 27, 2012
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now March 27, 2012

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1