To amend the Internal Revenue Code of 1986 to simplify the individual income tax by repealing the adjusted gross income limitations on itemized deductions and the personal exemption deduction, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to repeal: (1) the overall limitation on itemized deductions; and (2) the phaseout of personal exemptions. Increases, by 1.59 percent, an individual's taxes if the individual's adjusted gross income exceeds $75,000 (twice such amount on a joint return).…