Revenue Adjustment and Expenditure Ceiling Act

[AI summary unavailable — showing source text] Revenue Adjustment and Expenditure Ceiling Act - Title I: Revenue Adjustments - Increases, under the Internal Revenue Code, the low income allowance to $2,100 in the case of a joint return or a surviving spouse, $1,700 for a single individual, and $1,050 for a married individual filing a separate return. Changes filing requirements to reflect the increase in the low income allowance. Increases the percentage standard deduction to 16 percent of adjusted gross income, but not to exceed $2,800 in the case of a joint return or surviving spouse, $2,400 for a single individual, and $1,400 for a married individual filing a separate return. Makes technical and conforming amendments relating to withholding allowances based on itemized deductions. Extends for one year, under the Tax Reduction Act, the earned income credit. Allows as a credit against taxable income the greater of: (1) two percent of the taxpayer's income not exceeding $9,000; or (2) $35 multiplied by each exemption for which the taxpayer is entitled to a deduction under exemption provisions for the taxpayer, spouse, and dependents. Prohibits such credit from exceeding the tax imposed. Provides that such credit shall reduce th…