Tax Simplification Act

[AI summary unavailable — showing source text] Tax Simplification Act - Title I: Simplification of Individual Income Tax - Amends the Internal Revenue Code to repeal the income tax tables. Provides for an income tax rate of 14 percent for all individuals, estates, and trusts. Redefines "adjusted gross income" to eliminate the deductions from gross income for the following: (1) long-term capital gains; (2) moving expenses; (3) retirement savings; and (4) repayments of supplemental unemployment compensation benefits. Defines "allowable itemized deductions" as any deduction attributable to: (1) expenses for the production of income; (2) contributions to a church or convention or association of churches; (3) medical and dental expenses; and (4) alimony or separate maintenance payments. Repeals the deductions for: (1) interest, taxes, and depreciation of cooperative housing; (2) moving expenses; (3) retirement savings; (4) adoption expenses; and (5) long-term capital gains. Repeals the tax exclusion of: (1) certain death benefits; (2) gifts and inheritances; (3) income from discharge of indebtedness; (4) recovery of bad debts, prior taxes, and delinquency amounts; (5) income of States and municipalities; and (6) certain contribution…