Tax Reduction Act of 1980

[AI summary unavailable — showing source text] Tax Reduction Act of 1980 - Amends the Internal Revenue Code to reduce the income tax rates for individuals, estates, and trusts for years beginning after December 31, 1980. Increases the zero bracket amount: (1) from $2,300 to $2,600 for a single individual; (2) from $3,400 to $3,900 for married individuals filing a joint return; and (3) from $1,700 to $1,950 for a married individual filing a separate return. Reduces the marriage penalty by allowing the spouse with the lower income to claim a ten percent deduction up to a maximum of $3,000.…