July 25, 2012(Key vote)
Title: Middle Class Tax Cut Act
Vote Smart's Synopsis:
Vote to pass a bill that extends tax cuts established in 2001, 2003, and 2010 until the end of 2013, and increases income taxes for certain high-income individuals, effective for taxable years beginning after December 31, 2012.
Increases the income tax rate for taxpayers earning more than $250,000 per year from 35 percent to 39.6 percent (Sec. 101).
Extends the tax cuts established by the Economic Growth and Tax Relief Reconciliation Act of 2001 from December 31, 2012 to December 31, 2013 (Sec. 101).
Extends the tax cuts established by the Jobs and Growth Tax Relief Reconciliation Act of 2003 from December 31, 2012 to December 31, 2013 (Sec. 102).
Extends the American Opportunity Tax Credit, the Child Tax Credit, and the Earned Income Tax Credit through 2013 (Sec. 103).
Increases the alternative minimum tax exemption amount as follows (Sec. 201):
From $74,450 to $78,750 for married taxpayers filing jointly and surviving spouses; and
From $48,450 to $50,600 for single taxpayers and taxpayers who are married but filing separately.