Individual Income Tax Rate Reduction Act of 1980

Individual Income Tax Rate Reduction Act of 1980 - Amends the Internal Revenue Code to reduce individual income tax rates for taxable years beginning after 1982. Sets the highest marginal income tax rate at 50 percent of taxable income. Phases in such tax reductions for 1981 and 1982.

Increases the zero bracket amount (formerly the standard deduction) for each category of taxpayer. Increases the income levels at which a tax return is required to be filed.

Reduces the rate of the alternative minimum tax.