A bill to amend the Internal Revenue Code of 1954 to provide for an increase in the amount of the personal exemptions for taxable years beginning after December 31, 1973.

Provides for an increase in the allowance for personal exemptions under the Internal Revenue Code to $1000 (presently $750).

Raises to $1000 the amount an individual must earn before filing a return (presently $750). Increases to $2300 the amount an individual who is married must earn before filing a return (presently $2050). Increases to $3300 the amount a married couple must earn before filing a joint return (presently $2800).

Provides that where one spouse has filed a separate return and the income of the second spouse is less than $1000, (presently $750) or less than $2000, (presently $1500) in case such spouse was sixty-five years of age or older, the spouse filing the separate return will be deemed to have filed a joint return.