Income Tax Simplification Act of 1982

[AI summary unavailable — showing source text] Income Tax Simplification Act of 1982 - Title I: Individual Income Tax Rates, Etc. - Amends the Internal Revenue Code to repeal all tax tables and impose a 19 percent income tax rate on individuals, estates, and trusts. Allows an income tax credit for personal exemptions. Repeals the deduction for personal exemptions. Title II: Tax Reforms - Amends the Internal Revenue Code to repeal all income tax credits except the credit for tax withheld on wages and the credit for tax withheld at the source on nonresident aliens and foreign corporations and on tax-free covenant bonds. Repeals the exceptions to the tax inclusion of prizes and awards made in recognition of certain types of achievement. Repeals all limits and exceptions to the inclusion in the gross income of employees of amounts attributable to group-term life insurance provided by employers. Repeals the limitations on the inclusion in gross income of unemployment compensation. Repeals all income tax exclusions except the tax exclusion of gifts and inheritances and the tax exclusion of the income of States and municipalities. Repeals all income tax deductions for individuals and corporations except deductions for: (1) trade or bu…