Tax Reduction Act of 1979

Summary

Tax Reduction Act of 1979 - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce the income tax rates for individuals for the taxable years 1980 through 1982. Title II: Inflation Adjustment - Requires the Secretary of the Treasury, not later than December 15 of each calendar year beginning in 1982, to prescribe individual income tax rate tables: (1) by increasing the maximum dollar amount on which no tax is imposed under each table, and the minimum and maximum dollar amounts for each rate bracket for which a tax is imposed, by the cost-of-living adjustment for such year; (2) by not changing the rate applicable to any rate bracket as adjusted; and (3) by adjusting the amounts setting forth the tax to the extent necessary to reflect the adjustments in the rate brackets. Declares the cost-of-living adjustment for any calendar year as the percentage by which the Department of Labor's Consumer Price Index for all urban consumers for the preceding calendar year exceeds the Consumer Price Index for calendar 1981. Requires cost-of-living adjustments in zero bracket amounts, exemptions and withholding taxes. Sets the minimum gross income for which an income tax return is required from certain individuals at an amount less than the sum of the exemption plus the applicable zero bracket amount.

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1 official file

• Introduced in Senate

  summary · EN · 15 January 1979

  Open at official source

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