Honor Thy Parents Act of 2002

Honor Thy Parents Act of 2002 - Freezes and repeals elements of the tax cut enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 by: (1) freezing reductions of the top three income tax rates for individuals; and (2) repealing provisions of the Act that repealed the phaseout out of personal exemptions, the phaseout of the overall limitation on itemized deductions, and certain estate, gift, and generation-skipping transfer taxes.

Applies the savings to the Federal Hospital Insurance Trust Fund and establishes a separate "Outpatient Prescription Drug Account" to be used for outpatient prescription drug benefits.