An act to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend authorizations for the airport improvement program, and for other purposes
James OberstarUnderstanding Tax Rates
Text of the Bill
Full text of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act.
Warning - this is not easy to read. One thing we hope to do is advocate bills that most people will be able to understand with a reasonable amount of effort.
Other ways this bill is known...
This bill is referred to as an extension of the Bush Tax Cuts
Major provisions of the bill...
The primary effect of this bill was to extend the Bush Tax Cuts, which were expiring at the end of 2010. Key provisions of the law included...
o The employee portion of Social Security Old Age, Survivors, and Disability Insurance (OASDI) was reduced to 4.2 percent (from 6.2 percent) for wages up to $106,800. The employer contribution of the tax remained at 6.2 percent. (This "payroll tax holiday" expired at the end of 2012).
o The estate tax reduction was extended so that, in 2012, estates valued at less than $5 million would not be taxed. Any excess value would be taxed at 35 percent.
Expiration
The provisions of this bill expired at the end of 2012