See How Your Politicians Voted
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.
More Info About this Vote
- 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).
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.