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Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act

Bill NumberHR-4853

Enacted - Signed by the President

Read the Bill (Reading difficulty: Hard)

Sponsor & Key Contributors
James Oberstar

Related Issues...
Understanding 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 Individual and capital gains tax rates were extended at 2010 levels through 2012

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.


The provisions of this bill expired at the end of 2012

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