The Tax Reduction and Reform Act realigns the American tax code by permanently repealing the Alternative Minimum Tax, increasing the standard deduction, expanding availability of the Earned Income Tax Credit and refundable child tax credit and imposing a surcharge on high-income individuals. While far from the perfect overhaul of the tax system, this legislation would cut taxes for the current and aspiring middle class in a fiscally responsible way, while shifting taxes to those who can most afford to pay, particularly those households with an income greater than $500,000 a year.