A bill to amend the Internal Revenue Code of 1954 to provide for annual adjustments in the amount of personal exemptions and the amount of the standard deduction to reflect increases in the cost of living.

Provides, under the Internal Revenue Code, for annual adjustments in the amount of personal exemptions and the amount of the standard deduction and the low-income allowance to reflect increases in the cost of living based on the percentage of annual increase in the consumer Price Index.