Middle Class Tax Relief & Job Creation

On December 13th, 2011 the house passed  H.R. 3630, the “Middle Class Tax Relief & Job Creation Act of 2011. If the Middle Class Tax Relief & Job Creation Act of 2011does become law what real world implications would have? First, maybe you noticed that at the beginning of 2011 you started taking home more in your paycheck. That is because there was a 2% reduction in workers payroll taxes and self-employment tax. So employees have been saving 2% of FICA taxes all thru 2011; H.R. 3630 extends that 2% reduction for 2012. Also, 100% bonus depreciation “for most assets” is set to expire at the end 2011. Under current law, business taxpayers must generally depreciate the cost of capital

Section by Section

Section-by-Section for The Middle Class Tax Relief & Job Creation Act of 2011 – H.R. 3630  TITLE I – JOB CREATION INCENTIVES  Subtitle A – North American Energy Access  Section 1001. Short Title: This section provides the short title of “North American Energy Security Act.” Section 1002. Permit for Keystone XL Pipeline: Subsection (a) requires the President to grant a permit under Executive Order 13337 for the Keystone XL pipeline project application filed on September 19, 2008 (including amendments), subject to subsection (b). Subsection (b) provides that the President is not required to grant the permit under subsection (a) if he determines that the Keystone XL pipeline would not serve the national interest. If the President determines that the Keystone