Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that amends the Income Tax Act, repeals credits, deductions, and exemptions, amends future tax rates and establishes a corporate income tax to be levied on businesses organized as corporations under Federal law.

Highlights:

• Reduces the income tax rate to 4.25 percent, beginning January 1, 2013 (Sec. 30).

• Reduces the amount of retirement income exempted from taxes, depending on the age of the individual (Sec. 30).

• Reduces the earned income tax credit for low-income workers from 20 percent to 6 percent beginning after December 31, 2011 (Sec. 272).

• Establishes a corporate income tax of 6 percent on corporations filed as class "C" (Sec. 623).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends the Income Tax Act, repeals certain credits, deductions, and exemptions, amends future tax rates and establishes a corporate income tax to be levied on businesses organized as corporations under Federal law.

Highlights:

• Reduces the income tax rate to 4.25 percent, beginning January 1, 2013 (Sec. 30).

• Reduces the amount of retirement income exempted from taxes, depending on the age of the individual (Sec. 30).

• Reduces the earned income tax credit for low-income workers from 20 percent to 6 percent beginning after December 31, 2011 (Sec. 272).

• Establishes a corporate income tax of 6 percent on corporations filed as class "C" (Sec. 623).

Full Bill Text