Tax Equity Act of 1982

[AI summary unavailable — showing source text] Tax Equity Act of 1982 - Title I: Provisions Primarily Affecting Individuals - Amends the Internal Revenue Code to repeal the 1982 and 1983 tax tables for individuals. Directs the Secretary of the Treasury to prescribe tax tables with a maximum reduction of the tax liability of $700 in 1982 and $1,400 in 1983. Amends the Ecnomic Recovery Tax Act of 1981 to delay the repeal of the maximum tax on personal service income and the reduction in the alternative minimum tax, and the personal holding company tax until 1984. Reinstates the 28 percent maximum tax rate on capital gains, effective 1982. Repeals provisions for the indexation of individual income tax rates and of deductions for personal exemptions. Reduces the deduction for net capital gain from 60 to 50 percent. Provides for a corresponding reduction of the charitable deduction for contributions of capital gain property. Title II: Provisions Primarily Affecting Business- Subtitle A - Lower Corporate Income Tax Rates Only Apply to Small Corporations - Imposes a surtax on corporations of 19.25 percent of the amount by which taxable income exceeds $100,000 but does not exceed $200,000. Subtitle B - Repeal of Special Leasing Rules -…