See How Your Politicians Voted
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).