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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Middle Class Tax Cut Act of 2011''.

SEC. 2. TEMPORARY EXTENSION AND EXPANSION OF EMPLOYEE PAYROLL TAX
RELIEF.

(a) Extension.--Section 601(c) of the Tax Relief, Unemployment
Insurance Reauthorization, and Job Creation Act of 2010 (26 U.S.C. 1401
note) is amended by striking ''year 2011'' and inserting ''years 2011
and 2012''.
(b) Increased Relief.--
(1) In general.--Subsection (a) of section 601 of the Tax
Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010 (26 U.S.C. 1401 note) is amended--
(A) by inserting ''(9.3 percent for calendar year
2012)'' after ''10.40 percent'' in paragraph (1), and
(B) in paragraph (2)--
(i) by striking ''(including'' and
inserting ''(3.1 percent in the case of
calendar year 2012), including'' after ''4.2
percent'', and
(ii) by striking ''Code)'' and inserting
''Code''.
(2) Coordination with individual deduction for employment
taxes.--Subparagraph (A) of section 601(b)(2) of such Act is
amended by inserting ''(66.67 percent for taxable years which
begin in 2012)'' after ''59.6 percent''.
(c) Technical Amendments.--Paragraph (2) of section 601(b) of the
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation
Act of 2010 (26 U.S.C. 1401 note) is amended--
(1) by inserting ''of such Code'' after ''164(f)'',
(2) by inserting ''of such Code'' after ''1401(a)'' in
subparagraph (A), and
(3) by inserting ''of such Code'' after ''1401(b)'' in
subparagraph (B).

SEC. 3. SURTAX ON MILLIONAIRES.

(a) In General.--Subchapter A of chapter 1 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new part:

''PART VIII--SURTAX ON MILLIONAIRES

''Sec. 59B. Surtax on millionaires.

''SEC. 59B. SURTAX ON MILLIONAIRES.

''(a) General Rule.--In the case of a taxpayer other than a
corporation for any taxable year beginning after 2012 and before 2022,
there is hereby imposed (in addition to any other tax imposed by this
subtitle) a tax equal to 1.9 percent of so much of the modified
adjusted gross income of the taxpayer for such taxable year as exceeds
the threshold amount.
''(b) Threshold Amount.--For purposes of this section--
''(1) In general.--The threshold amount is $1,000,000.
''(2) Inflation adjustment.--
''(A) In general.--In the case of any taxable year
beginning after 2013, the $1,000,000 amount under
paragraph (1) shall be increased by an amount equal
to--
''(i) such dollar amount, multiplied by
''(ii) the cost-of-living adjustment
determined under section 1(f)(3) for the
calendar year in which the taxable year begins,
determined by substituting 'calendar year 2011'
for 'calendar year 1992' in subparagraph (B)
thereof.
''(B) Rounding.--If any amount as adjusted under
paragraph (1) is not a multiple of $10,000, such amount
shall be rounded to the next highest multiple of
$10,000.
''(3) Married filing separately.--In the case of a married
individual filing separately for any taxable year, the
threshold amount shall be one-half of the amount otherwise in
effect under this subsection for the taxable year.
''(c) Modified Adjusted Gross Income.--For purposes of this
section, the term 'modified adjusted gross income' means adjusted gross
income reduced by any deduction (not taken into account in determining
adjusted gross income) allowed for investment interest (as defined in
section 163(d)). In the case of an estate or trust, adjusted gross
income shall be determined as provided in section 67(e).
''(d) Special Rules.--
''(1) Nonresident alien.--In the case of a nonresident
alien individual, only amounts taken into account in connection
with the tax imposed under section 871(b) shall be taken into
account under this section.
''(2) Citizens and residents living abroad.--The dollar
amount in effect under subsection (a) shall be decreased by the
excess of--
''(A) the amounts excluded from the taxpayer's
gross income under section 911, over
''(B) the amounts of any deductions or exclusions
disallowed under section 911(d)(6) with respect to the
amounts described in subparagraph (A).
''(3) Charitable trusts.--Subsection (a) shall not apply to
a trust all the unexpired interests in which are devoted to one
or more of the purposes described in section 170(c)(2)(B).
''(4) Not treated as tax imposed by this chapter for
certain purposes.--The tax imposed under this section shall not
be treated as tax imposed by this chapter for purposes of
determining the amount of any credit under this chapter or for
purposes of section 55.''.
(b) Clerical Amendment.--The table of parts for subchapter A of
chapter 1 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new item:

''part viii. surtax on millionaires.''.

(c) Section 15 Not to Apply.--The amendment made by subsection (a)
shall not be treated as a change in a rate of tax for purposes of
section 15 of the Internal Revenue Code of 1986.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2012.

SEC. 4. UNWARRANTED UNEMPLOYMENT COMPENSATION.

(a) In General.--Subtitle E of the Internal Revenue Code of 1986 is
amended by adding at the end the following new chapter:

''CHAPTER 56--UNWARRANTED UNEMPLOYMENT COMPENSATION

''Sec. 5895. Unwarranted unemployment compensation.

''SEC. 5895. UNWARRANTED UNEMPLOYMENT COMPENSATION.

''(a) Imposition of Tax.--There is hereby imposed on any taxpayer
with adjusted gross income (as defined in section 62) for any taxable
year of at least $1,000,000 ($500,000, in the case of a married
individual filing a separate return), a tax equal to 50 percent (55
percent in the case of a taxable year beginning in 2011 or 2012) of any
unemployment compensation (as defined in section 85(b)) received by
such taxpayer in such taxable year.
''(b) Administrative Provisions.--For purposes of the deficiency
procedures of subtitle F, any tax imposed by this section shall be
treated as a tax imposed by subtitle A.''.
(b) Clerical Amendment.--The table of chapters for subtitle E of
the Internal Revenue Code of 1986 is amended by adding at the end the
following new item:

''Chapter 56--Unwarranted Unemployment Compensation''.

(c) Tax Not Deductible.--Section 275(a) of the Internal Revenue
Code of 1986 is amended by inserting after paragraph (6) the following
new paragraph:
''(7) Tax imposed by section 5895.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2010.

SEC. 5. ENDING SUPPLEMENTAL NUTRITION ASSISTANCE PROGRAM BENEFITS FOR
MILLIONAIRES.

(a) In General.--Section 6 of the Food and Nutrition Act of 2008 (7
U.S.C. 2015) is amended by adding at the end the following:
''(r) Disqualification for Receipt of Assets of at Least
$1,000,000.--Any household in which a member receives income or assets
with a fair market value of at least $1,000,000 shall, immediately on
the receipt of the assets, become ineligible for further participation
in the program until the date on which the household meets the income
eligibility and allowable financial resources standards under section
5.''.
(b) Conforming Amendments.--Section 5(a) of the Food and Nutrition
Act of 2008 (7 U.S.C. 2014(a)) is amended in the second sentence by
striking ''sections 6(b), 6(d)(2), and 6(g)'' and inserting
''subsections (b), (d)(2), (g), and (r) of section 6''.

SEC. 6. GUARANTEE FEES.

Subpart A of part 2 of subtitle A of title XIII of the Housing and
Community Development Act of 1992 is amended by adding after section
1326 (12 U.S.C. 4546) the following new section:

''SEC. 1327. ENTERPRISE GUARANTEE FEES.

''(a) Definitions.--For purposes of this section, the following
definitions shall apply:
''(1) Guarantee fee.--The term 'guarantee fee'--
''(A) means a fee described in subsection (b); and
''(B) includes--
''(i) the guaranty fee charged by the
Federal National Mortgage Association with
respect to mortgage-backed securities; and
''(ii) the management and guarantee fee
charged by the Federal Home Loan Mortgage
Corporation with respect to participation
certificates.
''(2) Average fees.--The term 'average fees' means the
average contractual fee rate of single-family guaranty
arrangements by an enterprise entered into during 2011, plus
the recognition of any up-front cash payments over an estimated
average life, expressed in terms of basis points. Such
definition shall be interpreted in a manner consistent with the
annual report on guarantee fees by the Federal Housing Finance
Agency.
''(b) Increase.--
''(1) In general.--
''(A) Phased increase required.--Subject to
subsection (c), the Director shall require each
enterprise to charge a guarantee fee in connection with
any guarantee of the timely payment of principal and
interest on securities, notes, and other obligations
based on or backed by mortgages on residential real
properties designed principally for occupancy of from 1
to 4 families, consummated after the date of enactment
of this section.
''(B) Amount.--The amount of the increase required
under this section shall be determined by the Director
to appropriately reflect the risk of loss, as well the
cost of capital allocated to similar assets held by
other fully private regulated financial institutions,
but such amount shall be not less than an average
increase of 12.5 basis points for each origination year
or book year above the average fees imposed in 2011 for
such guarantees. The Director shall prohibit an
enterprise from offsetting the cost of the fee to
mortgage originators, borrowers, and investors by
decreasing other charges, fees, or premiums, or in any
other manner.
''(2) Authority to limit offer of guarantee.--The Director
shall prohibit an enterprise from consummating any offer for a
guarantee to a lender for mortgage-backed securities, if--
''(A) the guarantee is inconsistent with the
requirements of this section; or
''(B) the risk of loss is allowed to increase,
through lowering of the underwriting standards or other
means, for the primary purpose of meeting the
requirements of this section.
''(3) Deposit in treasury.--Amounts received from fee
increases imposed under this section shall be deposited
directly into the United States Treasury, and shall be
available only to the extent provided in subsequent
appropriations Acts. The fees charged pursuant to this section
shall not be considered a reimbursement to the Federal
Government for the costs or subsidy provided to an enterprise.
''(c) Phase-in.--
''(1) In general.--The Director may provide for compliance
with subsection (b) by allowing each enterprise to increase the
guarantee fee charged by the enterprise gradually over the 2-
year period beginning on the date of enactment of this section,
in a manner sufficient to comply with this section. In
determining a schedule for such increases, the Director shall--
''(A) provide for uniform pricing among lenders;
''(B) provide for adjustments in pricing based on
risk levels; and
''(C) take into consideration conditions in
financial markets.
''(2) Rule of construction.--Nothing in this subsection
shall be interpreted to undermine the minimum increase required
by subsection (b).
''(d) Information Collection and Annual Analysis.--The Director
shall require each enterprise to provide to the Director, as part of
its annual report submitted to Congress--
''(1) a description of--
''(A) changes made to up-front fees and annual fees
as part of the guarantee fees negotiated with lenders;
''(B) changes to the riskiness of the new borrowers
compared to previous origination years or book years;
and
''(C) any adjustments required to improve for
future origination years or book years, in order to be
in complete compliance with subsection (b); and
''(2) an assessment of how the changes in the guarantee
fees described in paragraph (1) met the requirements of
subsection (b).
''(e) Enforcement.--
''(1) Required adjustments.--Based on the information from
subsection (d) and any other information the Director deems
necessary, the Director shall require an enterprise to make
adjustments in its guarantee fee in order to be in compliance
with subsection (b).
''(2) Noncompliance penalty.--An enterprise that has been
found to be out of compliance with subsection (b) for any 2
consecutive years shall be precluded from providing any
guarantee for a period, determined by rule of the Director, but
in no case less than 1 year.
''(3) Rule of construction.--Nothing in this subsection
shall be interpreted as preventing the Director from initiating
and implementing an enforcement action against an enterprise,
at a time the Director deems necessary, under other existing
enforcement authority.
''(f) Expiration.--The provisions of this section shall expire on
October 1, 2021.''.
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 "modified adjusted gross income" 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.