Tax Reform and Simplification Act

Tax Reform and Simplification Act - Increases the percentage standard deduction maximum amount under the Internal Revenue Code to $3,000 (presently $2,000) for taxable years 1973 and thereafter.

Provides that no individual shall pay a tax of less than 20 percent by reason of a tax exemption.

States that a tax is imposed on each individual's income equal to 20 percent of the amount by which the sum of the items of tax preference exceed $12,000.

Repeals the provisions on tax carry over.

Allows a taxpayer to waive a deduction from gross income which is tax preference. Provides that such waived amount shall not be taken into account in figuring the minimum tax for tax preferences.