Middle Class Tax Relief and Job Creation Act
Date:
February 22, 2012
Maximum Amount:
$124.60 billion
Deficit Impact:
$89.34 billion The Middle Class Tax Relief and Job Creation Act (HR 3630) extends unemployment insurance benefits and the two percent payroll tax cut for ten months through the end of 2012. The unemployment insurance extension is also modified to reduce the maximum number of weeks a person can receive benefits in high unemployment states from 99 weeks to 73 weeks by September 2012.
The bill is partially offset by a number of provisions, including: increasing federal employee pension contributions, auctioning spectrum, reducing Medicare reimbursements for bad debts, reducing the Prevention and Public Health fund, and making other health reductions. Still, including the offsets, the bill in total adds $89 billion to deficit from 2012-2022.
Source:
Notes:
Maximum amount represents cost of payroll tax cut and unemployment insurance extensions. Deficit impact represents the bill's total impact on the deficit from 2012-2022.