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Title: Transportation Infrastructure Appropriations and Tax on Income Over $1 Million
Vote Smart's Synopsis:
Vote on a motion to proceed with a bill that appropriates funds for transportation infrastructure projects and establishes a tax of 0.7 percent on income in excess of $1 million.
More Info About this Vote
- Establishes a tax of 0.7 percent on modified adjusted gross income in excess of the following amounts, effective December 31, 2012 (Sec. 201):
- $1 million for all taxpayers except those who are married and filing separately; and
- $500,000 for all taxpayers who are married and filing separately.
- Exempts corporations from the 0.7 percent tax on modified adjusted gross income in excess of $1 million (Sec. 201).
- Appropriates funds to the Secretary of Transportation for certain transportation infrastructure projects including, but not limited to, the following (Sec. 101):
- $2 billion for airport construction and modification projects;
- $1 billion for air traffic control system modifications;
- $27 billion for highway infrastructure projects;
- $4 billion for grants for high-speed rail projects, intercity passenger rail service, and congestion grants;
- $2 billion for capital grants to Amtrak; and
- $5 billion for capital investments in surface transportation infrastructure.
NOTE: THIS IS A VOTE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED REQUIRES A MAJORITY OF THE SENATE FOR APPROVAL.