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This bill was sponsored by Representative Dave Camp of Michigan on December 9, 2011, at which time it was called the Temporary Payroll Tax Cut Continuation Act of 2011. . The original bill passed the House 234-193 on December 13, 2011, and the Senate unanimously on December 17, 20
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
By Alan Fram WASHINGTON -- Congress is edging closer to yet another down-to-the wire showdown as House Republicans shun a bipartisan payroll tax cut bill approved by the Senate and prepare to ...
The Tax Foundation says the revenue loss would likely exceed $900 billion, while the Committee for a Responsible Budget puts the cost at about $840 billion.On top of the payroll tax cut, Trump has ...
A new Trump tax cut will have to be paid back early next year. Here's how to handle it.
Congressional Republicans agreed but also wanted to extend the tax cuts for those making over that amount. [15] Indeed, all 42 Republican senators joined in saying that, until the tax dispute was resolved, they would filibuster to prevent consideration of any other legislation, except for bills to fund the U.S. government. [16] [17] [18] [19]
The White House dropped its bid to cut Social Security payroll taxes Thursday as Republicans prepared to unveil a $1 trillion COVID-19 rescue package.