HR.4260 Adjusting for Income Disparity Act of 2012

To amend the Internal Revenue Code of 1986 to allow an income disparity tax credit.

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Summary:

3/26/2012--Introduced.Adjusting for Income Disparity Act of 2012 - Amends the Internal Revenue Code to allow an individual taxpayer a new tax credit to compensate for income disparity. Sets the amount of such credit at the applicable credit amount ($2,500 to $5,000) reduced by a specified percentage (3 1/3% to 6 2/3%) of the excess of the taxpayer's modified adjusted gross income over a specified threshold ($15,000 to $30,000), based on the number of the taxpayer's dependents. Accelerates to December 31, 2011 (currently, December 31, 2012), the termination date for the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) providing for a reduction in capital gain and dividend tax rates.

Actions:

Mar 26 2012

Referred to the House Committee on Ways and Means.

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