NOTE: THIS IS A SUBSTITUTE AMENDMENT, WHICH REPLACES THE ENTIRE TEXT OF THE LEGISLATION WITH A NEW TEXT. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.
Vote to adopt an amendment to S 3412 that extends tax cuts established in 2001 and 2003 until the end of 2013.
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. 2).
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. 3).
Increases the alternative minimum tax exemption amount for married taxpayers filing jointly and surviving spouses as follows, effective for taxable years beginning after December 31, 2011 (Sec. 4):
From $74,450 to $78,750 in 2012; and
From $78,750 to $79,850 for 2013.
Increases the alternative minimum tax exemption amount for single taxpayers and taxpayers who are married but filing separately as follows, effective for taxable years beginning after December 31, 2011 (Sec. 4):
From $48,450 to $50,600 for 2012; and
From $50,600 to $51,150 for 2013.
Requires the Senate Committee on Finance to introduce legislation within 12 months that contains certain tax policy elements including, but not limited to, the following (Sec. 6):
Reduction of the number of tax preferences and individual tax rates proportionally, with the highest individual tax rate “significantly” below 35 percent;
Repeal of the Alternative Minimum Tax;
Authorization of a top tax rate on corporations of no more than 25 percent; and