A bill to amend the Internal Revenue Code of 1954 to increase to $1,200 the personal income tax exemptions of a taxpayer (including the exemption for a spouse, the exemptions for dependents, and the additional exemptions for old-age and blindness.

Increases to $1,200 the personal income tax exemptions of a taxpayer, the exemption for a spouse, the exemptions for dependents, and the additional exemptions for old age and blindness, under the Internal Revenue Code. Sets the low income allowance deduction at $1000.

Makes changes in the percentage method withholding table to reflect such deduction adjustments.