On the Blog: Tax Bills on Parade

With taxes due this week, the Senate and House are featuring tax legislation. The two sides of Congress are taking very different approaches…

Read about it in a post entitled: “Tax Week!”

Featured Items

Congress returns from a two-week recess this week.

The Senate will debate S. 2230, the Paying a Fair Share Act of 2012. The bill would establish a minimum 30 per cent tax rate on all income earned above $1 million.

S. 2230 would raise taxes by about $20 billion per year. That works out to a cost just shy of $5,000 per U.S. family, paid mostly by the wealthy, and a decrease in the national debt of the same amount.

The House takes up H.R. 9, the Small Business Tax Cut Act. The bill would cut small business taxes by 20 percent for one year.

Passage of H.R. 9 would save the average U.S. family about $440 and increase the national debt that much. The majority of the tax reductions would go to the wealthy.

S. 2230
The Paying a Fair Share Act of 2012
Costs $4,956.94 per family

H.R. 9
The Small Business Tax Cut Act
Saves $441.66 per family

What People Think

The Paying a Fair Share Act of 2012 75% For, 25% Against Vote on this Bill

The Small Business Tax Cut Act 50% For, 50% Against Vote on this Bill

Displayed below are new, updated, and passed items with their cost or savings per family.

New Items

S. 2230
The Paying a Fair Share Act of 2012
Costs $4,956.94 per family

H.R. 2179
To amend title 49, United States Code, to direct the Assistant Secretary of Homeland Security (Transportation Security Administration) to transfer unclaimed money recovered at airport security checkpoints to United Service Organizations, Incorporated, and for other purposes
Costs $0.01 per family

S. 2159
A bill to extend the authorization of the Drug-Free Communities Support Program through fiscal year 2017
Costs $4.44 per family

H.R. 4089
The Sportsmen’s Heritage Act of 2012
Costs $0.11 per family

S. 1262
The Native Culture, Language, and Access for Success in Schools Act
Costs $35.57 per family

H.R. 4240
The Ambassador James R. Lilley and Congressman Stephen J. Solarz North Korea Human Rights Reauthorization Act of 2012
Costs $0.95 per family

H.R. 9
The Small Business Tax Cut Act
Saves $441.66 per family

Updated Items

none

Passed Items

none