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Middle-Class Tax-Cut Extended

posted Jul 26, 2012, 6:50 AM by Jeongho Kim
어제 민주당의 제안안으로, 국회에서 중산층을 위한 감세혜택이 1년 연장안이 승인되었습니다.
소득 $250,000 까지의 중산층(?)에 대해 임시로 적용되었던 감세 세율을 2013년까지 확대한다는 것입니다. 
원래대로 2012년에 감세혜택이 끝날경우 2013년도부터 4인 가족 기준 중산층의 세금 부담이 $2,200 정도 증가할 예정이었습니다.

Federal Tax Day - Current,C.1,Senate Approves Middle-Class Tax-Cut Legislation,(Jul. 26, 2012)

The Senate on July 25 passed a Democratic measure that would extend current tax rates through 2013 on incomes up to $250,000, but the bill is unlikely to make it past the Republican-controlled House. A last-minute decision by Senate leaders allowed for a simple majority vote and lawmakers, voting mainly along party lines, approved the Middle Class Tax Cut Bill (Sen 3412) by a vote of 51 to 48.

Earlier in the day, the Senate rejected by 45 to 54 a Republican proposal, the Tax Hike Prevention Bill of 2012 (Sen 3413), that would have extended the 2001 and 2003 rates on income, capital gains, dividends and the estate tax, for a year. Following the Senate votes, House Speaker John Boehner, R-Ohio, said the House will vote during the week beginning July 30 to prevent Congress from going off the so-called fiscal cliff. "By the end of next week, the House will have taken action to address the tax hikes that threaten our economy, and the defense "sequester" cuts that threaten our security."

Senate Finance Committee Chairman Max Baucus, D-Mont., said that while he applauded the passage of the Democratic bill, he was disappointed that it was approved along party lines. "We need to get serious and find a way to work together," said Baucus. "We can start with the House taking up the Senate bill to extend middle-class tax cuts. We can then work together in conference committee to reach a compromise, providing an opportunity to avoid the fiscal cliff. Hard choices need to be made and everyone needs to contribute."

The Senate Republican proposal, Sen 3413, omitted an extension of the American Opportunity Tax Credit and the Earned Income Tax Credit, which were included in the Democrats’ bill, but did call for a two-year extension of a patch for the alternative minimum tax (AMT), while Democrats proposed a one-year extension. Sen 3412 calls for increased Code Sec. 179 expensing. Democrats opted not to address the estate tax in their bill, but the Republican alternative, offered by Finance Committee ranking member Orrin G. Hatch, R-Utah, would extend the current rates through 2013.

In a Statement of Administration Policy, the White House said that, if the Congress does not act on the expiring tax cuts, a typical middle-class family of four will see its taxes rise next year by $2,200. "By extending middle-class income tax relief for an additional year, Sen 3412 will provide certainty to the 98 percent of Americans with incomes of less than $250,000 (for married couples) that their income taxes will not go up next year, strengthening the recovery by helping spur economic growth and job creation."

By Jeff Carlson, CCH News Staff

Statement of Administration Policy on Sen 3412, Middle Class Tax Cut Act

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