A bill to amend the Internal Revenue Code of 1954 to increase from $750 to $1,500 the personal income tax exemptions of a taxpayer.

Increases to $1500 under the Internal Revenue Code: (1) deductions for personal exemptions, (2) deductions for estates, (3) the gross income necessary to be required to file a return; and (4) the amount an individual can earn and still have his or her spouse's separate return deemed to be a joint return. (Amends 26 U.S.C. 151,642(b), 6012(a), 6013(b)(3)(A))

Increases to $3000 the amount an individual over the age of sixty-five can earn and still have his or her spouse's separate return deemed to be a joint return. (Amends 26 U.S.C. 6013(b)(3)(A))