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Title: Reduces Payroll Tax Rate
Vote Smart's Synopsis:
Vote on a motion to proceed with a bill that extends the payroll tax holiday through 2012, extends the pay freeze for federal employees through 2015, and establishes a 100 percent tax on excess unemployment compensation.
More Info About this Vote
- Extends the temporary payroll tax holiday, during which the payroll tax rate is 4.2 percent for employees, from 2011 to 2012 (Sec. 101).
- Extends the pay freeze for federal employees to December 31, 2015, whereas under existing law the pay freeze is set to expire on December 31, 2012 (Sec. 212).
- Establishes a 100 percent tax on excess unemployment compensation received by a taxpayer (Sec. 201).
- Prohibits households that have income or assets with a fair market value of at least $1 million from receiving benefits under the Supplemental Nutrition Assistance Program (Sec. 201).
- Increases the percentages of Medicare premiums that recipients are required to pay from 80 percent for individuals earning more than $200,000 a year to the following (Sec. 202):
- 95 percent for individuals earning between $750,000 and $1 million; and
- 100 percent for individuals earning more than $1 million.
- Prohibits a federal agency from hiring more than 1 employee for every 3 full-time employees who leave employment in the agency, beginning 60 days after the enactment date of the bill and ending when the number of full-time employees employed in the agency has been reduced by 10 percent (Sec. 211).
- Authorizes a taxpayer to make a donation of $1 or greater, in addition to the payment of any tax owed for that year, to the federal government for the exclusive purpose of paying down the national debt (Sec. 222).
NOTE: THIS LEGISLATION NEEDED A THREE-FIFTHS MAJORITY VOTE TO PASS.
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.