Vote Smart's Synopsis:

Vote to pass a bill that increases tax rates for certain individuals.

Highlights:

• Increases income tax rates for individuals with incomes greater than $100,000 as follows, effective June 1, 2012 (Secs. 1 & 13):
• 5 percent for taxable incomes between $100,001 and $125,000;
• 5.25 percent for taxable incomes between $125,001 and $150,000;
• 5.5 percent for taxable incomes between $150,001 and $250,000; and
• 5.75 percent for taxable incomes greater than $250,000.

• Increases income tax rates for spouses filing joint returns with incomes greater than $150,000 as follows, effective June 1, 2012 (Secs. 1 & 13):
• 5 percent for taxable incomes between $150,001 and $175,000;
• 5.25 percent for taxable incomes between $175,001 and $225,000;
• 5.5 percent for taxable incomes between $225,001 and $300,000; and
• 5.75 percent for taxable incomes greater than $300,000.

• Limits tax exemptions for individuals with incomes greater than $100,000 as follows, beginning with the taxable year after December 31, 2012 (Sec. 1):
• $1,600 for incomes between $100,000 and $125,000;
• $800 for incomes between $125,000 and $150,000;
• $0 for incomes between $150,000 and $200,000; and
• $600 for incomes greater than $200,000.

• Limits tax exemptions for spouses filing joint returns with incomes greater than $100,000 as follows, beginning with the taxable year after December 31, 2012 (Sec. 1):
• $1,600 for incomes between $150,000 and $175,000;
• $800 for incomes between $175,000 and $200,000;
• $0 for incomes between $200,000 and $250,000; and
• $600 for incomes greater than $250,000.

• Increases the tobacco tax rate from 15 percent to 30 percent, effective July 1, 2012 (Secs. 2 & 11).

• Establishes a 70 percent tobacco tax rate for cigars and a 15 percent tax rate for premium cigars, effective July 1, 2012 (Secs. 2 & 11).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that increases tax rates for certain individuals.

Highlights:

• Increases income tax rates for individuals with incomes greater than $100,000 as follows, effective June 1, 2012 (Secs. 1 & 13):
• 5 percent for taxable incomes between $100,001 and $125,000;
• 5.25 percent for taxable incomes between $125,001 and $150,000;
• 5.5 percent for taxable incomes between $150,001 and $250,000; and
• 5.75 percent for taxable incomes greater than $250,000.

• Increases income tax rates for spouses filing joint returns with incomes greater than $150,000 as follows, effective June 1, 2012 (Secs. 1 & 13):
• 5 percent for taxable incomes between $150,001 and $175,000;
• 5.25 percent for taxable incomes between $175,001 and $225,000;
• 5.5 percent for taxable incomes between $225,001 and $300,000; and
• 5.75 percent for taxable incomes greater than $300,000.

• Limits tax exemptions for individuals with incomes greater than $100,000 as follows, beginning with the taxable year after December 31, 2012 (Sec. 1):
• $1,600 for incomes between $100,000 and $125,000;
• $800 for incomes between $125,000 and $150,000;
• $0 for incomes between $150,000 and $200,000; and
• $600 for incomes greater than $200,000.

• Limits tax exemptions for spouses filing joint returns with incomes greater than $100,000 as follows, beginning with the taxable year after December 31, 2012 (Sec. 1):
• $1,600 for incomes between $150,000 and $175,000;
• $800 for incomes between $175,000 and $200,000;
• $0 for incomes between $200,000 and $250,000; and
• $600 for incomes greater than $250,000.

• Increases the tobacco tax rate from 15 percent to 30 percent, effective July 1, 2012 (Secs. 2 & 11).

• Establishes a 70 percent tobacco tax rate for cigars and a 15 percent tax rate for premium cigars, effective July 1, 2012 (Secs. 2 & 11).

Full Bill Text