H.R.4265 - Shared Responsibility in Preserving America's Future Act112th Congress (2011-2012)
Summary: H.R.4265 — 112th Congress (2011-2012)
Introduced in House (03/27/2012)
Shared Responsibility in Preserving America's Future Act - Amends the Internal Revenue Code to impose, in taxable years beginning after 2012 and before 2023, an additional 5% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million (adjusted for inflation after 2013). Defines "modified adjusted gross income" as adjusted gross income reduced by the excess of: (1) gross income from a trade or business which is not a passive activity and with respect to which wages are paid to at least one full-time equivalent employee, over (2) the tax deductions properly allocable to such income.
Makes this additional tax contingent upon the submission and ratification of a proposed amendment to the Constitution requiring a balanced budget or limiting spending.