Dayton Fair Tax Cut Act

Dayton Fair Tax Cut Act - Amends the Internal Revenue Code to: (1) expand the 10 percent bracket; (2) eliminate scheduled decreases in the higher brackets; (3) eliminate the repeal of the estate tax by repealing subtitle A (Repeal of Estate and Generation-Skipping Transfer Taxes) of the Economic Growth and Tax Reconciliation Act of 2001), provide for a $4 million estate tax exemption, and provide for a complete estate tax deduction for family-owned businesses; (4) set forth rules for concerning the economic substance doctrine, increase certain penalties, and impose additional requirements with respect to tax shelters; (5) tax as domestic corporations foreign corporations created through inversion transactions; (6) accelerate the $1,000 child tax credit; (7) provide marriage penalty relief; and (8) extend the special alternative minimum tax rule applicable to years 2000, 2001, 2002, and 2003 to years 2003, 2004, and 2005.