Spending Limitation and Tax Reduction Act

Spending Limitation and Tax Reduction Act - Title I: Spending Limitation - Places limits on increases in Congressional spending for fiscal years 1980, 1981, and 1982.

Title II: Tax Reduction - Amends the Internal Revenue Code to reduce individual, estate and trust, and corporate income tax rates in 1979 and 1980, and to establish a permanent reduction in such rates for 1981 and succeeding years. Increases the surtax exemption for corporations to $100,000.