Tax Reduction Act of 1980

[AI summary unavailable — showing source text] Title I: Short Title, Etc. - Tax Reduction Act of 1980 - States that the effective date for the provisions of such Act shall be taxable years beginning after December 31, 1980. Title II: Tax Treatment of Individuals - Amends the Internal Revenue Code to increase the allowable amount of the income tax credit for the elderly. Increases the amount of the income tax exclusion for dividends and interest income. Allows married couples filing joint returns an income tax deduction from gross income equal to ten percent of the earned income of the lower income spouse. Limits the amount of such deduction to $1,000 for a taxable year. Extends the income tax deduction for charitable contributions to taxpayers who do not itemize individual income tax deductions. Title III: Social Security and Other Pension Contribution Tax Credit - Amends the Internal Revenue Code to allow a refundable income tax credit for ten percent of a taxpayer's social security taxes in 1981 or 1982 or for such taxpayer's contribution to a tax-qualified pension plan for such years. Limits the amount of such credit to $200. Increases the allowable amount of the income tax deduction for contributions to a retirement savings…