Revenue Act

[AI summary unavailable — showing source text] Revenue Act - Title I: Short Title, Etc. - Sets forth the short title of this Act and the table of contents, and provides that amendments made by this Act shall apply to taxable years beginning after December 31, 1978. Title II: Tax Treatment of Individuals - Amends the Internal Revenue Code to reduce income taxes for individuals and estates and trusts in 1978. Reduces marginal tax rates for such individuals and estates and trusts to a range of 12 to 68 percent in 1979 and succeeding years. Eliminates deductions for personal exemptions. Establishes a $240 personal tax credit for a taxpayer, spouse and dependents, and additional credits if the taxpayer or spouse is blind or has attained age 65. Revises requirements for the withholding of income tax to reflect the substitution of the personal tax credit for personal exemptions. Increases the miniumum income levels of individuals who are required to file tax returns. Defines the concept of a uniform tax base and establishes the order of credits deductible from such tax base. Permits a deduction for combined medical expenses and casualty losses to the extent that they exceed ten percent of a taxpayer's adjusted gross income. Disallows …