Tax Simplification and Burden Reduction Act

[AI summary unavailable — showing source text] Tax Simplification and Burden Reduction Act - Title I: Alternative Minimum Tax - Amends the Internal Revenue Code with respect to the alternative minimum tax to: (1) provide a nonrefundable personal credit; (2) provide an income-based personal exemption; and (3) increase the gross receipts exemption for small corporations. Title II: Provisions Relating to Individuals - Amends the Code to provide itemizing and nonitemizing individuals with a 50 percent capital gains deduction. Sets forth: (1) a capital gains tax rate; and (2) an estate deduction computation. Repeals the tax preference on small business stock exclusions. Treats the gain or loss from all sales of collectibles, including certain partnership-related items, as a short-term capital gain or loss if used in computing taxable income. (Sec. 202) Permits a deduction in the year paid for residential refinancing points (to the extent such refinancing does not exceed the amount of refinanced indebtedness). (Sec. 203) Increases the exclusion for employee group term life insurance. (Sec. 204) Repeals: (1) the percentage limitation on contributions to defined contribution plans; and (2) the use of graduated percentage of preceding y…