Tax Reduction Act of 1979

[AI summary unavailable — showing source text] Tax Reduction Act of 1979 - Amends the Internal Revenue Code to lower individual income tax rates. Provides that the scheduled reductions in such rates shall not take effect if, after adoption of the second concurrent resolution on the Congressional budget, Federal expenditures exceed specified percentages of the gross national product during such years or if Congress declares that such reductions are not warranted due to the state of the economy or a national emergency.…