To amend the Internal Revenue Code of 1986 to increase the amount of the standard deduction and to offset the resulting reduction in Federal revenues by establishing an additional limitation on itemized deductions.
Tax Reduction and Simplification Act of 1991 - Amends the Internal Revenue Code to: (1) increase the basic standard deduction; (2) establish an additional standard deduction for dependents; and (3) provide an inflation adjustment for such deductions after calendar year 1991.
Reduces individual itemized deduction by ten percent (to offset the reductions in Federal revenues made by this Act).
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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