NOTE: INVOKING CLOTURE REQUIRES A 3/5 MAJORITY OF THE SENATE. IT IS NOT A VOTE ON THE PASSAGE OF THE PIECE OF LEGISLATION, BUT LIMITS FURTHER DEBATE TO 30 HOURS. CLOTURE IS TYPICALLY USED TO END A FILIBUSTER. A FAILED CLOTURE VOTE OFTEN PREVENTS THE LEGISLATION FROM EVER COMING TO A VOTE.
Title: Extension of Tax Cuts for Those Making Under $1 Million
Vote Smart's Synopsis:
Vote on a motion to invoke cloture on an amendment to S Amdt 4727 to HR 4853 that provides tax cuts to taxpayers earning less than $1 million a year.
Substitutes the following for individual income tax reductions (Sec. 101):
For the 28 percent tax bracket, a 25 percent tax rate;
For the 31 percent tax bracket, a 28 percent tax rate;
For the 36 percent tax bracket, a 33 percent tax rate; and
For the 39.6 percent tax bracket, a 35 percent tax rate, provided that the income does not equal an amount in excess of the "applicable amount" divided by the dollar amount at which the bracket begins;
Defines "applicable amount" as the excess of $1 million divided by the sum of the basic standard deduction and the exemption amount (Sec. 101).