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S 552 112th Congress Senate

Emergency Deficit Reduction Act

Official title: A bill to reduce the Federal budget deficit by creating a surtax on high income individuals and eliminating big oil and gas company tax loopholes.

Introduced: March 10, 2011 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov
Taxation Business investment and capitalIncome tax deductionsIncome tax ratesOil and gas
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This bill died when the 112th Congress ended
It never became law before the 112th Congress (2011–2012) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 10, 2011
Read twice and referred to the Committee on Finance.
Mar 10, 2011
Sponsor introductory remarks on measure. (CR S1555-1557)
Mar 10, 2011
Introduced in Senate
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 Latest action March 10, 2011

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Emergency Deficit Reduction Act - Amends the Internal Revenue Code to: (1) impose an additional 5.4% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million ($2 million in the case of a joint return); (2) repeal the amortization of intangible and drilling and development costs for oil, gas, and geothermal wells; (3) repeal the percentage depletion allowance for oil and gas wells; and (4) deny a tax deduction for income attributable to the domestic production of oil, natural gas, or primary products thereof.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 552: Emergency Deficit Reduction Act. 112th Congress. Open America. https://openamerica.io/bill/112-S-552/
MLA
"S. 552: Emergency Deficit Reduction Act." 112th Congress, 2026, Open America, https://openamerica.io/bill/112-S-552/.
Bluebook (legal)
S. 552, 112th Cong. (2026), https://openamerica.io/bill/112-S-552/.
Markdown link
[S. 552: Emergency Deficit Reduction Act](https://openamerica.io/bill/112-S-552/)
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