Thread: Read the American Jobs Act (FULL TEXT)

AGAIN PASS THIS BILL!!!!!!! HOW ABOUT NOT PASSING IT!!!!!!!!!

Full Text of the American Jobs Act

http://www.whitehouse.gov/jobsact/read-the-bill#SEC 227

SECTION 101 - Reduces substantially the amount paid by businesses and employees into the Social Security system. This
will have the impact of giving business the ability to reduce paying their share of employees Social Security benefits and also reduces
the amount employees pay toward this program. When employees go to get their benefits in the near future they will find that
they have underpaid and may not eligible for full benefits Social Security benefits in the future.

Imagine giving large corporations a tax break which undermines our Social Security System. Write to your elected officials and
oppose giving our corporations another tax break at the expense of our Social Security Program.

Oppose Section 101 of the American Jobs Act Today

Toll Free # for all of our elected officials: (1866) 220-0044

Contact the White House: http://www.whitehouse.gov/contact

In December 2010, Social Security payroll reductions were reduced in a bill passed by Congress. Now they will be reduced again
this time giving corporations a big break at our expense. Indeed taxpayers will have to pick up the differences in what is not collected
as the missing funds will now come out of our taxes paid into the general fund. Thus, we are once again subsidizing our large
corporations.


Full Text below of Section 101 of the American Jobs Act

SEC. 101. TEMPORARY PAYROLL TAX CUT FOR EMPLOYERS, EMPLOYEES AND THE SELF-EMPLOYED

(a) WAGES.-- Notwithstanding any other provision of law—
(1) with respect to remuneration received during the payroll tax holiday period, the rate of tax under 3101(a) of the Internal Revenue Code of 1986 shall be 3.1 percent (including for purposes of determining the applicable percentage under sections 3201(a) and 3211(a) of such Code), and
(2) with respect to remuneration paid during the payroll tax holiday period, the rate of tax under 3111(a) of such Code shall be 3.1 percent (including for purposes of determining the applicable percentage under sections 3221(a) and 3211(a) of such Code).
(3) Subsection (a)(2) shall only apply to
(A) employees performing services in a trade or business of a qualified employer, or
(B) in the case of a qualified employer exempt from tax under section 501(a), in furtherance of the activities related to the purpose or function constituting the basis of the employer’s exemption under section 501.
(4) Subsection (a)(2) shall apply only to the first $5 million of remuneration or compensation paid by a qualified employer subject to section 3111(a) or a corresponding amount of compensation subject to 3221(a).
(b) SELF-EMPLOYMENT TAXES.—
(1) IN GENERAL.—Notwithstanding any other provision of law, with respect to any taxable year which begins in the payroll tax holiday period, the rate of tax under section 1401(a) of the Internal Revenue Code of 1986 shall be
(A) 6.2 percent on the portion of net earnings from self-employment subject to 1401(a) during the payroll tax period that does not exceed the amount of the excess of $5 million over total remuneration, if any, subject to section 3111(a) paid during the payroll tax holiday period to employees of the self-employed person, and
(B) 9.3 percent for any portion of net earnings from self-employment not subject to subsection (b)(1)(A).
(2) COORDINATION WITH DEDUCTIONS FOR EMPLOYMENT TAXES.—For purposes of the Internal Revenue Code of 1986, in the case of any taxable year which begins in the payroll tax holiday period—
(A) DEDUCTION IN COMPUTING NET EARNINGS FROM SELF-EMPLOYMENT.—The deduction allowed under section 1402(a)(12) of such Code shall be the sum of (i) 4.55 percent times the amount of the taxpayer’s net earnings from self-employment for the taxable year subject to paragraph (b)(1)(A) of this section, plus (ii) 7.65 percent of the taxpayer’s net earnings from self-employment in excess of that amount.
(B) INDIVIDUAL DEDUCTION.— The deduction under section 164(f) of such Code shall be equal to the sum of ((i) one-half of the taxes imposed by section 1401(after the application of this section) with respect to the taxpayer’s net earnings from self-employment for the taxable year subject to paragraph (b)(1)(A) of this section plus (ii) 62.7 percent of the taxes imposed by section 1401 (after the application of this section) with respect to the excess.
(c) REGULATORY AUTHORITY.–The Secretary may prescribe any such regulations or other guidance necessary or appropriate to carry out this section, including the allocation of the excess of $5 million over total remuneration subject to section 3111(a) paid during the payroll tax holiday period among related taxpayers treated as a single qualified employer.
(d) DEFINITIONS.—
(1) PAYROLL TAX HOLIDAY PERIOD.—The term ‘payroll tax holiday period’ means calendar year 2012.
(2) QUALIFIED EMPLOYER.—For purposes of this paragraph,
(A) In general. -- The term “qualified employerâ€

The only thing they are concentrating on is small buisness. Do they realize how many small business that typically hire a few people would have to open to support the unemployed in this country. Kind of like putting a small bandaid on an open heart surgery, we are still going to bleed. Do these people have a clue?