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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Aug 2, 2012.
Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012 - States that the purpose of this Act is to provide for the enactment of comprehensive tax reform in 2013 that: (1) protects taxpayers by creating a fairer, simpler, flatter tax code; (2) is comprehensive; (3) results in tax revenue consistent with historical norms; (4) spurs greater investment, innovation and job creation; and (5) makes American workers and businesses more competitive.
Defines a "tax reform bill" for purposes of this Act as a bill to be introduced by the chair of the House Committee on Ways and Means not later than April 30, 2013, that is certified by the chair of the Joint Committee on Taxation as containing proposals to: (1) consolidate the 6 current individual income tax brackets into a maximum of 2 brackets (of 10% and not higher than 25%), (2) reduce the corporate income tax rate to not more than 25%, (3) repeal the alternative minimum tax (AMT), (4) broaden the tax base so that tax revenues comprise between 18% and 19% of Gross Domestic Product (GDP), and (5) reform the current system of foreign taxation.
Provides for the expedited consideration of such bill in the House of Representatives and the Senate.