American Job Creation, Deregulation, and Tax Reduction Act of 1992

[AI summary unavailable — showing source text] American Job Creation, Deregulation, and Tax Reduction Act of 1992 - Title I: Amendments of Internal Revenue Code of 1986 - Subtitle A: Repeal of Taxes on Capital Gains - Amends the Internal Revenue Code to exclude net capital gain from gross income. Subtitle B: Repeal of Estate, Gift, and Inheritance Taxes - Repeals the imposition of tax on the transfer of estates, the transfer of property by gift, and certain generation-skipping transfers. Prohibits a State or political subdivision from imposing any inheritance tax. Title II: Trade Relations With and Response to Trade Practices of Certain Trading Partners - Amends the Trade Act of 1974 to require the United States Trade Representative (USTR), if he or she determines that U.S. goods and services do not receive reciprocal treatment in the markets of a nation because of tariffs or other trade barriers, to: (1) determine the monetary amount lost by exporters of such goods and services due to the lack of such reciprocal treatment; and (2) restrict the importation into the United States of goods and services exported by such nation to offset the lost amount. Directs the USTR to determine annually, based on the national trade estimates,…