Tea party congressman beats Obama to ‘American Jobs Act of 2011′; bill would eliminate corporate taxes
Louie Gohmert, a Republican representative from Texas, sat in the House chamber last Thursday night and listened while President Obama told members of Congress to pass his plan for job creation, which he called "The American Jobs Act." The weekend went by, but House Democrats didn't submit an official piece of legislation with Obama's proposals.Below is the shortened version of the bill from the above article. Go here for the full text.
Nearly a full week passed. Still no bill.
So Gohmert took matters into his own hands. He submitted his own bill and titled it, "The American Jobs Act of 2011."
SECTION 1. SHORT TITLE.
This Act may be cited as the ''American Jobs Act of 2011''.
SEC. 2. REPEAL OF CORPORATE INCOME TAX.
(a) IN GENERAL.—Subsection (b) of section 11 of the Internal Revenue Code of 1986 is amended to read as follows:
(b) "AMOUNT OF TAX.—The amount of the tax imposed by subsection (a) shall be zero percent of taxable income.''.
(b) REPEAL OF ALTERNATIVE MINIMUM TAX FOR CORPORATIONS.—Subparagraph (B) of section 55(b)(1) of such Code is amended to read as follows:
(B) CORPORATIONS.—In the case of a corporation, the tentative minimum tax for the taxable year is zero.''.
(c) CONFORMING AMENDMENTS.— (1) Paragraphs (1) and (2) of section 1445(e)
of such Code are each amended by striking ''35 percent'' and inserting ''0 percent''.
(2) Subparagraph (A) of section 7518(g)(6) of such Code is amended by striking ''34 percent'' and inserting ''0 percent''.
(3) Paragraph (2) of section 53511(f) of title 46, United States Code, is mended by striking ''34 percent'' and inserting ''0 percent''.
(d) EFFECTIVE DATE.—The amendments made by section shall apply to taxable years beginning after this December 31, 2011, except that the amendments made by subsection (c) shall take effect on such date.