Tax Reduction and Simplification Act of 1977

[AI summary unavailable — showing source text] Tax Reduction and Simplification Act - Title I: Refund of 1976 Individual Income Taxes; Payments to Recipients of Certain Benefits - Amends the Internal Revenue Code to provide a refund from 1976 income taxes equal to $50 multiplied by the taxpayer's number of personal exemptions. Limits this refund to the taxpayer's 1976 tax liability except where he (1) is entitled to the credit for earned income, or (2) has earned income while living with a dependent child and who, if married, filed a joint return. Prohibits such refunds from being made to any estate, trust or nonresident alien. Reimburses the Governments of American Samoa, Guam, and the Virgin Islands for the revenues lost through these refunds and specified provisions of Title II. Directs the Secretary of the Treasury to make a $50 payment to each individual paid benefits for March, 1977 under the Railroad Retirement Act, the Old-Age, Survivors, and Disability Insurance program of the Social Security Act, or the Supplemental Security Income program of the Social Security Act. Prohibits the refunds or $50 payments made under this title from being regarded as income for purposes of any Federal, State or local program where incom…