Bill > HR2710

This bill, the Fair and Impartial Reform Tax Act of 2011, proposes several changes to the Internal Revenue Code, primarily affecting high-income taxpayers. It aims to revise income tax rates, increasing them for individuals with adjusted gross incomes exceeding $500,000, and also imposes limitations and gradual reductions (phaseouts) on personal exemptions and itemized deductions for these higher earners. Additionally, the bill increases the tax rate on net capital gains (profits from selling assets like stocks or real estate) and dividend income, and it raises the alternative minimum tax (AMT), a parallel tax system designed to ensure wealthier individuals pay at least a minimum amount of tax, specifically on the net capital gains of noncorporate taxpayers for tax years after 2011. Importantly, these changes are set to expire on December 31, 2012, aligning with the general termination date of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), a previous tax cut package.