Fair Share Tax Reduction Act

Fair Share Tax Reduction Act - Amends the Internal Revenue Code to allow a refundable income tax credit to individuals living in States where: (1) the Federal spending ratio was less than 90 percent; and (2) the average unemployment rate was greater than ten percent or greater than 150 percent of the average of the national rate of unemployment.

Sets forth the method of calculating such income tax credit. Defines "Federal spending ratio" as an amount determined by dividing the sum of all amounts spent within a State by the Federal Government by the sum of all amounts of revenue generated within such State.