Education Funding Act of 2005 - Amends the Internal Revenue Code to restore the phaseout of the personal tax exemption and the overall limitation on itemized tax deductions.
Establishes in the Treasury the Education Trust Fund. Appropriates to such Fund 50 percent of the revenues raised by this Act for the purpose of funding education programs administered by the Department of Education to the degree that funding for such programs are increased from the FY 2005 level.
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