Middle Class Tax Cut Act of 2011

Bill: 112-s-1944
Sponsor: Sen. Casey, Robert P., Jr. [D-PA]
Introduced: 2011-12-05 in the Senate
Policy area: Taxation
Subjects: Employment taxes
Food assistance and relief
Government corporations and government-sponsored enterprises
Housing finance and home ownership
Income tax rates
Inflation and prices
Sales and excise taxes
Securities
Social security and elderly assistance
Unemployment
User charges and fees

Summary:
action_date: 2011-12-05
text: 
Middle Class Tax Cut Act of 2011 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2012 the reduction in employment taxes for employees and the self-employed. Increases such reduction from 2% to 3.1%
 
Amends the Internal Revenue Code to impose on individual taxpayers between 2012 and 2022 an additional tax equal to 1.9% of so much of their modified adjusted gross income in excess of $1 million. Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013. Defines &quot;modified adjusted gross income&quot; as adjusted gross income reduced by any deduction allowed for investment interest.
 
Imposes a 50% tax (55% for a taxable year beginning in 2011 or 2012) on any unemployment compensation received by a taxpayer with an adjusted gross income of at least $1 million. Denies a tax deduction for the payment of such tax.
 
Amends the Food and Nutrition Act of 2008 to render ineligible for the supplemental nutrition assistance program (SNAP), formerly food stamps, any household in which a member receives income or assets with a fair market value of at least $1 million.
 
Amends the Housing and Community Development Act of 1992 to require until October 1, 2021, a phased increase in the fees charged to mortgage lenders by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to guarantee payment of new mortgage loans. 


Legislative actions:
action_date: 2011-12-08
text: Motion to proceed to consideration of measure, under the order of 12/8/2011, not having achieved the required 60 votes in the affirmative, was rejected in Senate by Yea-Nay Vote. 50 - 48. Record Vote Number: 224. (consideration: CR S8445)
action_date: 2011-12-08
text: Cloture motion on the motion to proceed withdrawn by unanimous consent in Senate. (consideration: CR S8444)
action_date: 2011-12-08
text: Motion to proceed to measure considered in Senate. (consideration: CR S8429-8445)
action_date: 2011-12-07
text: Cloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S8383-8384; text: CR S8383-8384)
action_date: 2011-12-07
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S8383-8384)
action_date: 2011-12-06
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 251.
action_date: 2011-12-05
text: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2011-12-05
text: Sponsor introductory remarks on measure. (CR S8185-8186)
action_date: 2011-12-05
text: Introduced in Senate