Full Bill Text

Vote Smart's Synopsis:

Vote on a motion to proceed with a bill that extends the payroll tax holiday through 2012, extends the pay freeze for federal employees through 2015, and establishes a 100 percent tax on excess unemployment compensation.

Highlights:

• Extends the temporary payroll tax holiday, during which the payroll tax rate is 4.2 percent for employees, from 2011 to 2012 (Sec. 101).

• Extends the pay freeze for federal employees to December 31, 2015, whereas under existing law the pay freeze is set to expire on December 31, 2012 (Sec. 212).

• Establishes a 100 percent tax on excess unemployment compensation received by a taxpayer (Sec. 201).

• Prohibits households that have income or assets with a fair market value of at least $1 million from receiving benefits under the Supplemental Nutrition Assistance Program (Sec. 201).

• Increases the percentages of Medicare premiums that recipients are required to pay from 80 percent for individuals earning more than $200,000 a year to the following (Sec. 202):
• 95 percent for individuals earning between $750,000 and $1 million; and
• 100 percent for individuals earning more than $1 million.

• Prohibits a federal agency from hiring more than 1 employee for every 3 full-time employees who leave employment in the agency, beginning 60 days after the enactment date of the bill and ending when the number of full-time employees employed in the agency has been reduced by 10 percent (Sec. 211).

• Authorizes a taxpayer to make a donation of $1 or greater, in addition to the payment of any tax owed for that year, to the federal government for the exclusive purpose of paying down the national debt (Sec. 222).

Full Bill Text

Full Bill Text