A bill to amend the Internal Revenue Code of 1954 to provide that an individual shall be entitled to a tax credit equal to the amount by which the purchasing power of his adjusted gross income for the taxable year is reduced by inflation.

Provides, under the Internal Revenue Code, that an individual shall be entitled to a tax credit for an amount equal to the taxpayer's adjusted gross income multiplied by the rate of inflation. Prescribes the procedure for calculation of such rate of inflation in terms of the Consumer Price Index.