Anti-Inflation Tax Reform Act

[AI summary unavailable — showing source text] Title I: Income Tax Relief for Individuals - Anti-Inflation Tax Reform Act - Provides, under the Internal Revenue Code, that the percentage standard deduction shall be 17 percent of adjusted gross income but not to exceed $2,500 ($1,250 in the case of a separate return by a married individual). Sets the low income allowance at $1,500 in the case of a married individual who files a joint return. Allows a tax credit for individuals 65 and over. Allows a tax deduction for the employment-related expenses for household and dependent care services. Limits such deduction to $2,400 where there is one qualifying dependent. Limits such deduction where adjusted gross income exceeds $18,000. Title II: Income Tax Reform Amendments - Limits the percentage depletion allowance to oil and gas wells producing regulated natural gas, to the extent of such production, and wells producing natural gas sold under a fixed contract to the extent of such production. Repeals the deduction for intangible drilling and development costs for oil and gas wells. States that in the case of tax paid or accrued to any foreign country with respect to income derived from the extraction, production, transportation, or re…