Fair Tax Act of 1982

[AI summary unavailable — showing source text] Fair Tax Act of 1982 - Title I: Reduction of Income Tax Rates - 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. Imposes a surtax (ranging from six to 14 percent) on the adjusted gross income of single taxpayers earning over $25,000 and married taxpayers earning over $40,000. Reduces the personal holding company tax from 50 to 28 percent. Repeals the 1985 indexation of tax rates. Redefines "adjusted gross income" to repeal the deductions for: (1) long-term capital gains; (2) amortization of reforestation expenses; and (3) two-earner married couples. Provides that certain special deductions for estate and trusts shall be subtracted from adjusted gross income. Increases the amount of the personal exemption to $1,500 for single taxpayers and $1,750 for heads of households. Allows an additional $1,000 exemption for the dependent spouse of a taxpayer filing a joint return. Increases the zero bracket amount from $3,400 to $4,600 for taxpayers filing joint returns and surviving spouses. Repeals the direct charitable contribution deduction. Amends the Internal Revenue Code, as amended b…