House Republicans introduced legislation Tuesday to prevent the Bush tax cuts from expiring.
The bill, known as the Job Protection and Recession Prevention Act of 2012, would extend for an additional year, through 2013, the tax reductions originally enacted in 2001 and 2003. The bill, H.R. 8, would extend the Bush tax cuts that lowered the marginal tax rates, provided marriage penalty relief, offered a $1,000 child credit, provided a 15 percent top rate on dividends and capital gains taxes, repealed the Personal Exemption Phase-out and the Pease limitation on itemized deductions, leave the estate tax at its 2011 and 2012 parameters (indexed for inflation), provide higher Section 179 small business expensing limits, and certain education-related benefits. In addition, the bill would provide a two-year patch for the alternative minimum tax covering 2012 and 2013.
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