The bill formally known as US House Bill 3765- 112th Congress and informally titled “Temporary Payroll Tax Cut Continuation Act of 2011” was passed mainly for the purpose of continuing the payroll tax cut into February of 2011. Prior to its passage there had been a great deal of debate as to whether or not continuation was appropriate and if so, for how long? The assertion that the continuation should be passed before the Christmas Holiday did face opposition, however, the bill was enacted successfully. The following will explore the core aspects of this bill and how it was enacted into U.S. law by our representative bodies.
First it is important to explore what this piece of legislation addressed and its proposals. This draft of the bill that passed into law was drafted by David Camp of the 4th district of Michigan. The bill itself is 14 pages in length and extremely concise. It contains five main objectives; “Temporary Payroll Tax Relief”, “Temporary Extension of Unemployment Compensation Provisions”, “Temporary Extensions of Health Provisions,”, “Mortgage Fees and Premiums”, and lastly “Other Provisions” (H.R. 3765 - 112th Congress, 2011). The first section of the bill was given the most notoriety within the press, and seemed to be the aspect of greatest importance to many Americans. It amends the “Tax Relief, Unemployment Insurance Reauthorization Act of 2010”. It first addresses lowering taxes on persons who are self-employed through 2012. Also included is lowering of employment tax on employees through February 29, 2012. The Bill concludes this section by stating that these changes should be considered as having been included in the original bill. This of course ensured that Americans who were working would not see more mo...
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The largest component of the bill was the $288 billion allocated to tax cuts. Businesses as w...
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The bill was debated and negotiated for nearly six years in Congress, and finally passed amid unusual circumstances. Several times in the legislative process the bill had appeared to have failed, but each time was saved when a couple of Congressmen and Senators switched positions on the bill. The bill was introduced in the House of Representatives early on June 25, 2003 as H.R. 1, sponsored by Speak Dennis Hastert. All that day and the next the bill was debated, and it was apparent that the bill would be very divisive. In June 27, a floor vote was taken. After the initial electronic vote, the count stood at 214 yeses an...
Senate passes important tax bill with overtime amendments attached by Bill Leonard, Society for Human Resources Management, www.shrm.org, 5/19/04. 11. DOL issues proposal for changing overtime exemption requirements, by Staff reports, Society for Human Resource Management, www.shrm.org, 6/11/04 12. What does the Fair Labor Standards Act not Require?, by elaws, www.dol.gov/elaws, 6/11/04 13. Handy Reference Guide to the Fair Labor Standards Act, by US Department of Labor, revised 10/96, www.dol.gov/esa/public/whd_org.htm, pages 1-10.
Taxes in relation to the new healthcare reform is a prominent topic when one examines the supporting and opposing sides of the law. New taxes on businesses producing medical equipment and new Medicare taxes on investments have been established. For individuals and businesses choosing not to participate in purchasing health insurance there will be a penalty called a "shared responsibility" tax. The accrued money from these taxes is being used, among other things, to provide low-cost insurance plans on the marketplace and to create subsidies for those purchasing the plans. Through these subsidies, "any individual making up to $45,960 or a family of four with household income up to $94,200 is eligible" ("Obamacare tax guide") to qualify and get assistance at the end of each year to off-set the cost of the insurance even more...
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The law was designed to provide health insurance to all uninsured Americans. The law requires all businesses to provide health insurance to all employees and for all uninsured Americans to seek health insurance (Thomma). The proposed law was supposed to lower premiums by $2500. The percentage of workers that enrolled in high premium health plans more than doubled when the Affordable Care Act was signed into law (Reed).
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