Search Form
First, enter a politician or zip code
Now, choose a category

Key Votes

HR 8 - Job Protection and Recession Prevention Act of 2012 - Key Vote

National Key Votes

Randy Forbes voted Yea (Passage) on this Legislation.

Read statements Randy Forbes made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) - Became Public Law No. 112-240 -

Title: Job Protection and Recession Prevention Act of 2012

Legislation - Concurrence Vote Passed (House) (257-167) - (Key vote)

Title: Job Protection and Recession Prevention Act of 2012

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that permanently extends tax cuts established in 2001 and 2003 and increases the income tax rate for certain individuals.

Highlights:
  • Specifies that the income tax rate will be 39.6 percent for the following incomes for tax years beginning in the 2013 tax year (Sec. 101):
    • An income of $450,000 for married individuals filing jointly;
    • An income of $425,000 for individuals filing as head of household; and
    • An income of $400,000 for single individuals.
  • Increases the capital gains tax rate from 15 to 20 percent for the following capital gains incomes beginning January 1, 2013 (Sec. 102):
    • An income of $450,000 for married individuals filing jointly;
    • An income of $425,000 for individuals filing as head of household; and
    • An income of $400,000 for single individuals.
  • Increases the maximum estate tax from 35 to 40 percent for tax years beginning January 1, 2013 (Sec. 101).
  • Increases the income amount for determining the alternative minimum taxable incomes to the following amounts permanently (Sec. 104):
    • From incomes of $45,000 to $78,750 in the case of married individuals filing jointly or a surviving spouse; and
    • From incomes of $33,750 to $50,600 in the case of a single individual who is not a surviving spouse.
  • Extends the following acts on a permanent basis (Secs. 101-102):
    • The Economic Growth and Tax Relief Reconciliation Act of 2001; and
    • The Jobs and Growth Tax Relief Reconciliation Act of 2003.
  • Extends the following tax credits from 2012 to 2018 (Sec. 103):
    • The American Opportunity Tax Credit;
    • The Child Tax Credit; and
    • The Earned Income Tax Credit
  • Extends the Indian Employment Tax Credit from December 31, 2011 until December 31, 2013 (Sec. 304). 
Legislation - Bill Passed With Amendment (Senate) (89-8) - (Key vote)

Title: Job Protection and Recession Prevention Act of 2012

Vote Smart's Synopsis:

Vote to pass a bill that permanently extends tax cuts established in 2001 and 2003 and increases the income tax rate for certain individuals.

Highlights:
  • Specifies that the income tax rate will be 39.6 percent for the following incomes for tax years beginning in the 2013 tax year (Sec. 101):
    • An income of $450,000 for married individuals filing jointly;
    • An income of $425,000 for individuals filing as head of household; and
    • An income of $400,000 for single individuals.
  • Increases the capital gains tax rate from 15 to 20 percent for the following capital gains incomes beginning January 1, 2013 (Sec. 102):
    • An income of $450,000 for married individuals filing jointly;
    • An income of $425,000 for individuals filing as head of household; and
    • An income of $400,000 for single individuals.
  • Increases the maximum estate tax from 35 to 40 percent for tax years beginning January 1, 2013 (Sec. 101).
  • Increases the income amount for determining the alternative minimum taxable incomes to the following amounts permanently (Sec. 104):
    • From incomes of $45,000 to $78,750 in the case of married individuals filing jointly or a surviving spouse; and
    • From incomes of $33,750 to $50,600 in the case of a single individual who is not a surviving spouse.
  • Extends the following acts on a permanent basis (Secs. 101-102):
    • The Economic Growth and Tax Relief Reconciliation Act of 2001; and
    • The Jobs and Growth Tax Relief Reconciliation Act of 2003.
  • Extends the following tax credits from 2012 to 2018 (Sec. 103):
    • The American Opportunity Tax Credit;
    • The Child Tax Credit; and
    • The Earned Income Tax Credit
  • Extends the Indian Employment Tax Credit from December 31, 2011 until December 31, 2013 (Sec. 304). 
Legislation - Bill Passed (House) (256-171) - (Key vote)

Title: Job Protection and Recession Prevention Act of 2012

Vote Smart's Synopsis:

Vote to pass a bill that extends tax cuts established in 2001 and 2003 until the end of 2013.

Highlights:
  • Extends the Economic Growth and Tax Relief Reconciliation Act of 2001 from December 31, 2012 to December 31, 2013 (Sec. 102).
  • Extends the Jobs and Growth Tax Relief Reconciliation Act of 2003 from December 31, 2012 to December 31, 2013 (Sec. 102).
  • Requires Congress to introduce a bill to provide for “comprehensive tax reform” no later than April 30, 2013, and requires this bill to be expedited through the House of Representatives and the Senate (Sec. 203).
  • Requires the tax reform bill to contain certain policy elements including, but not limited to, the following (Sec. 203):
    • Consolidation of the 6 individual income tax brackets into no more than 2 brackets and at a rate of no more than 25 percent for each bracket;
    • Reduction of the corporate tax rate to no more than 25 percent;
    • Repeal of the Alternative Minimum Tax;
    • Proposals that expand the tax base to maintain revenue between 18 and 19 percent of the economy; and
    • Conversion of the tax system from a “worldwide” system to a “territorial” system.
Legislation - Introduced (House) -

Title: Job Protection and Recession Prevention Act of 2012

Sponsors

Co-sponsors

Skip to top
Back to top