Individual Tax Simplification Act of 2005

Individual Tax Simplification Act of 2005 - Revises provisions of the Internal Revenue Code pertaining to: (1) the alternative minimum tax; (2) the phaseout of the tax credits for adoption expenses, child care, and educational assistance based on modified adjusted gross income; and (3) the capital gains tax.

Repeals, after 2005: (1) the overall limitation on itemized tax deductions; (2) the phaseout of personal tax exemptions; and (3) the alternative minimum tax on individuals.

Imposes an additional income tax on adjusted gross incomes exceeding certain threshold levels to ensure the revenue neutrality of this Act.