Individual and Small Business Tax Simplification Act of 2002

[AI summary unavailable — showing source text] Individual and Small Business Tax Simplification Act of 2002 - Amends the Internal Revenue Code, with respect to individuals, to: (1) increase the alternative minimum tax exemption amount and adjust it for inflation; (2) replace the head of household filing status with a new exemption for single parents; (3) allow itemizers and nonitemizers a 50 percent deduction for capital gains; (4) repeal the two percent floor on miscellaneous itemized deductions; (5) accelerate the repeal of the phaseout of the overall limitation on itemized deductions and the phaseout of the personal exemption; (6) exclude means-tested government benefits from determining support for purposes of the dependency exemption; (7) combine the Hope and Lifetime Learning credits into an education credit; and (8) revise the taxation of social security benefits, the deduction for points on a home mortgage, the taxation of minors, the dependent care credit, the additional exemption for qualifying children, and the definition of qualified higher education expenses. Revises provisions concerning small business taxation to: (1) eliminate the S corporation filing category and permit eligible corporations that are not public…