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The Middle Class Tax Relief and Job Creation Act of 2012 (Pub.L. 112–96, H.R. 3630, 126 "Stat. 156, enacted February 22, 2012), also known as the ""payroll tax cut", was an Act of the "United States Congress. The bill was passed by the "U.S. House of Representatives on February 17, 2012 by a vote of 293‑132, and by the "Senate by a vote of 60‑36 on the same day. The bill was signed into law by "President "Barack Obama on February 22, 2012.

Contents

Policy implications[edit]

The Act:

Legislative history[edit]

This bill was sponsored by Representative "Dave Camp ("R) 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, 2011. On December 23, 2011, the House and Senate passed H.R. 3765, also called the Temporary Payroll Tax Cut Continuation Act of 2011, and President Obama signed it the same day. The bill's effect was to extend lower payroll tax rates past December 31, 2011, when they would have expired.[7]

The "Social Security tax rate would have increased from 4.2% to 6.2%, had the bill not passed. The rate would have applied to the first $110,100 in income. However, under the Senate version of the bill, the temporary tax cut applied to only one-sixth of that income amount, or $18,350, since the income would have to be earned in the first two months of 2012. Under the House version, persons earning far more than $110,100 a year would have received the full benefit in the two months.[8]

A conference committee resolved the differences between the House version and the Senate version on February 17, 2012, and the conference report was approved by the House and the Senate.

References[edit]

  1. ^ a b c d e f g "Bill Summary & Status 112th Congress (2011-2012)". United States National Library of Congress. Retrieved July 23, 2012. 
  2. ^ a b "Press Release". 
  3. ^ Anna M. Gomez (March 15, 2012). "Title VI - Public Safety Communications and Electromagnetic Spectrum Auctions" (PDF). NTIA: Other Publications. "Washington, D.C.: "National Telecommunications and Information Administration. Retrieved April 11, 2012.  External link in |work= ("help)
  4. ^ Spectrum Policy: Provisions in the 2012 Spectrum Act "Congressional Research Service
  5. ^ "Payroll Tax Bill Includes Provision for Amateur Radio Study". ARRL News. "Newington, Connecticut: "American Radio Relay League. 17 February 2012. Retrieved 24 February 2012.  External link in |work= ("help)
  6. ^ "Commission Seeks Comment on Emergency Communications by Amateur Radio and Impediments to Amateur Radio Communications" (PDF). Public Notice. "Washington, D.C.: "Federal Communications Commission. April 2, 2012. DA 12-523. Retrieved April 12, 2012. 
  7. ^ "Congress Passes Temporary Payroll Tax Cut Extension". "The Journal of Accountancy. 23 December 2011. Retrieved 29 February 2012. 
  8. ^ "Senate Goes Hard On The Rich In Two-Month Payroll Tax Cut Bill". "Forbes. 19 December 2011. Retrieved 29 February 2012. 

External links[edit]

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