American Tax Reduction Act of 1980

[AI summary unavailable — showing source text] American Tax Reduction Act of 1980 - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unnecessary Federal programs; (4) the reduction of individual income taxes; (5) tax relief for homeowners; and (6) the indexing of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1980, 1981, and 1982, and to make a permanent reduction in such rates for years after 1982. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Repeals the alternative minimum tax schedule for capital gains of individual taxpayers which was enacted by the Revenue Act of 1978. Permits a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one-year carryover of losses in excess of taxable income. Eliminates the age requireme…