Aug. 2, 2012(Key vote)
Title: Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012
Vote Smart's Synopsis:
Vote to pass a bill that establishes provisions to be included in a tax bill and requires the Senate and House to consider the bill in an expedited manner.
Requires the chair of the Joint Committee on Taxation to notify the House of Representatives and the Senate if a bill entitled “A Bill to Provide for Comprehensive Tax Reform” is introduced in the House of Representatives by the chair of the Committee on Ways and Means by April 30, 2013 (Sec. 3).
Requires the chair of the Joint Committee on Taxation to determine if the bill contains all of the following provisions (Sec. 3):
A consolidation of the current 6 individual income tax brackets into no more than 2 brackets that are between 10 and 25 percent;
A reduction in the corporate tax rate to a rate of 25 percent;
A repeal of the Alternative Minimum Tax;
An expansion of the tax base to maintain revenue between 18 and 19 percent of the economy; and
A change from a “worldwide” to a “territorial” tax system.
Requires the bill to be considered in the House of Representatives in an expedited manner including, but not limited to, the following rules (Sec. 3):
Requires the committee of the House of Representatives to which the bill is referred to report the bill within 20 calendar days of the bill’s introduction;
Requires the first reading of the bill to be dispensed with;
Requires general debate to be confined to the bill and prohibits the debate from exceeding 4 hours; and
Prohibits any motion to reconsider the vote on the final passage of the bill.
Requires the bill to be considered in the Senate in an expedited manner including, but not limited to, the following rules (Sec. 3):
Requires the bill to be referred to the Committee on Finance;
Requires the committee to report the bill within 15 calendar days of the bill’s introduction;
Limits debate on any motion or appeal to 1 hour;
Requires amendments to be relevant to the bill and limits debate on a single amendment to 2 hours; and
Requires the Senate to vote on the final passage of the bill at the conclusion of the debate.