Economic Growth and Reducing Unemployment Act - Appropriates additional amounts in FY2012 for the Corporation for National and Community Service for carrying out the National and Community Service Act of 1990. Requires appropriated funds to be used to increase the number of national service positions under such Act to 500,000.
Appropriates additional amounts in FY2012 for the Office of Inspector General for carrying out the Inspector General Act of 1978.
Amends the Internal Revenue Code to extend the suspension of employment and railroad retirement taxes through December 31, 2012. Limits the aggregate reduction in taxes from such suspension to $5,000 per employee.