Bill > S278

This bill, the Job Preservation and Sequester Replacement Act of 2013, aims to replace budget cuts known as sequestration for the fiscal year 2013 by closing various tax loopholes. It proposes to eliminate sequestration by increasing the amount allocated to offset it and repealing a specific provision related to the Budget Control Act of 1985. The bill also introduces a "fair share tax" for high-income taxpayers, defined as individuals with over $1 million in adjusted gross income, which would be a percentage of their income above a certain threshold, and requires high-income professionals in certain service businesses, such as doctors and lawyers, to pay payroll taxes on their earnings, preventing them from avoiding these taxes through specific business structures like S corporations. Additionally, it ends a tax break for private jet owners by classifying them as having a shorter depreciation period and limits tax benefits for offshore manufacturers by redefining "imported property income." Finally, the bill targets the oil and gas industry by modifying foreign tax credit rules for major integrated oil companies, limiting deductions for certain oil and gas-related expenses, and repealing royalty relief for deep water and deep gas projects on the Outer Continental Shelf.