Revenue Act

[AI summary unavailable — showing source text] Revenue Act - Title I: Short Title, Etc. - Entitles this Act the "Revenue Act of 1978" 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 trusts and estates. Increases the minimum income levels at which individuals are required to file tax returns. Eliminates deductions for personal exemptions and the general tax credit. Establishes a $275 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. Lowers from 65 to 55 the age requirement for the exclusion of gain on the sale or exchange of the taxpayer's principal residence. Eliminates the $35,000 ceiling on the adjusted sales price of a principal residence for purposes of computing the amount of gain excludable. Exempts gain from the sale or exchange of a principal residence from the minimum tax. Allows a tax credit equal to 50 percent of the St…