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Title: Establishes a Minimum 30 Percent Tax Rate for High-Income Taxpayers
Vote Smart's Synopsis:
Vote on a motion to invoke cloture on a bill that establishes a minimum tax rate of 30 percent for taxpayers earning more than $1 million, effective for the 2012 tax year.
Highlights:
- Establishes a minimum tax rate of 30 percent of adjusted gross income, minus the deduction for charitable contributions, for all high-income taxpayers, effective for taxable years beginning after December 31, 2011 (Sec. 2).
- Defines “high-income taxpayer” as any taxpayer, other than a corporation, who has an adjusted gross income for that taxable year in excess of $1 million, or $500,000 for a married individual filing separately (Sec. 2).
- Requires the $1 million threshold used to identify high-income taxpayers to be adjusted annually for inflation for taxable years beginning after 2013 (Sec. 2).
- Specifies that if a high-income taxpayer chooses not to itemize his or her deductions, no amount for charitable contributions shall be subtracted from the taxpayer's adjusted gross income (Sec. 2).
More Info About this Vote
NOTE: THIS IS A VOTE TO INVOKE CLOTURE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED ALONE REQUIRES A MAJORITY FOR APPROVAL. HOWEVER, THE MOTION CAN BE FILIBUSTERED, AND WHEN THIS OCCURS, A CLOTURE VOTE IS NECESSARY TO VOTE ON THE MOTION TO PROCEED. A THREE-FIFTHS MAJORITY OF THE SENATE IS NECESSARY TO INVOKE CLOTURE.