A bill to provide for the establishment of a Commission on Revision of Federal Taxation.

Provides for the establishment of a Commission on Federal Taxation to design a comprehensive improvement of the Federal tax structure in order to insure equitable treatment of all taxpayers.

Specifies that the Commission will be bipartisan, with the President, the President pro tempore of the Senate and the Speaker of the House each appointing 8 members. Grants compensation to the members of the Commission and allows the Commission to appoint a staff.

Includes as a duty of the Commission the study and investigation of the Federal tax laws, their administration and effect upon taxpayers and the economy. Directs the Commission to report its findings and recommendations to Congress. Stipulates that the Commission's study include a review of various general policy problems, various items of the tax structure, and tax treatment of various types of organizations. Empowers the Commission to hold hearings.