H.R.6535 - Save America's National Economy Act112th Congress (2011-2012)
Summary: H.R.6535 — 112th Congress (2011-2012)
Introduced in House (09/21/2012)
Save America's National Economy Act - Repeals provisions of the Balanced Budget and Emergency Deficit Control Act of 1985, as added by the Budget Control Act of 2011, that require automatic reductions in discretionary spending (sequestration) between FY2013 and FY2021.
Amends the Internal Revenue Code to: (1) increase individual income tax rates for taxpayers whose taxable income exceeds $1 million, and (2) provide for an adjustment in the capital gains tax of taxpayers whose taxable income is subject to the 45% tax bracket.
Establishes caps on funding levels for overseas contingency operations and related activities for FY2013-FY2021.