Tax Reduction and Spending Limitation Act of 1979

Summary

Tax Reduction and Spending Limitation Act of 1979 - Amends the Internal Revenue Code to direct the Secretary of the Treasury, for every taxable year beginning after December 31, 1979, to: (1) determine the adjusted 1978 income tax level for individuals; (2) establish income tax brackets which are the same as those in effect for calendar year 1979; (3) establish rate tables that impose the same proportion of the tax burden borne by the same tax bracket in 1979, and that are estimated to result in the same amount of tax estimated as resulting in 1978; and (4) adjust the total tax on individuals for each year so that the total tax imposed for 1980 shall be 15 percent less than the adjusted 1978 income tax level, the total tax for 1981 shall be 22 percent less, and for 1982 and subsequent years, 29 percent less. Specifies: (1) Federal outlay and deficit limits for fiscal years 1980 through 1983; and (2) a formula for the increase of such limits keyed to Consumer Price Index increases. Requires the Secretary to suspend, for the succeeding calendar year, the application of such reduced income tax tables if the Second Budget Resolution adopted by Congress for any fiscal year authorizes outlays exceeding the limits established by this Act. Makes the preceding calendar year's tax rates apply for the year of such suspension, and postpones the application of the remainder of the tables by one year. Requires the Secretary to make appropriate adjustments in the zero bracket amount and other specified dollar amounts to conform to the adjustments called for.

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1 official file

• Introduced in Senate

  summary · EN · 15 January 1979

  Open at official source

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