Individual Tax Simplification Act of 1999

[AI summary unavailable — showing source text] Individual Tax Simplification Act of 1999 - Title I: Simplification Relating to Nonrefundable Personal Credits - Amends the Internal Revenue Code to repeal the interaction of the alternative minimum tax with the partially refundable child care tax credit. (Sec. 102) Replaces the current three ranges for phaseout of the adoption, child, and Hope and Lifetime Learning tax credits with a single, uniform phaseout of such credits. Title II: Simplification of Capital Gains Tax - Mandates a deduction from gross income of 38 percent of a net capital gain for any taxable year for a taxpayer other than a corporation. Title III: Repeal of Certain Hidden Marginal Rate Increases; Repeal of Individual Minimum Tax - Subtitle A: Repeals - Repeals the overall limitation on itemized deductions, the phaseout of personal exemptions, and the alternative minimum tax on individuals. Subtitle B: Revenue Offsets - Establishes an additional income tax on a sliding scale from: (1) one percent for adjusted gross incomes in excess of $120,000 on a joint return; up to (2) 2.08 percent for income greater than $150,000 (where the minimum tax exemption begins to phase out under this Act). (Sec. 312) Increases the …