Jobs Through Growth Act

[AI summary unavailable — showing source text] Jobs Through Growth Act - Amends the Internal Revenue Code to: (1) repeal the alternative minimum tax (AMT) for individual taxpayers after 2010, (2) allow an individual taxpayer to elect an alternative income tax system in lieu of existing rates, (3) allow an inflation adjustment to the cost of certain capital assets for purposes of determining gain or loss from the sale or exchange of such assets, (4) reduce the top income tax rate on corporations to 25%, (5) extend through 2012 the election allowed to a U.S. corporation to deduct dividends received from a controlled foreign corporation and reduce the amount of such deduction for corporations that fail to maintain specified employment levels for full-time U.S. employees, and (6) repeal the estate and generation-skipping transfer taxes and make permanent the maximum 35% gift tax rate and a $5 million lifetime gift tax exemption. Requires the House Committee on Ways and Means to report legislation to broaden the tax base for the corporate income tax and to transition to a territorial tax system (taxation of domestic income but not income earned overseas). Prohibits a federal agency from taking any significant regulatory action (gene…