A bill amending the Internal Revenue Code of 1954 to provide for an inflation adjustment in the rates of tax and the standard and personal exemption deductions.
Inflation Adjustment Act - Provides, under the Internal Revenue Code, for an inflation adjustment based on the percentage difference in the price index for an inflation year and the price index for the base period (October 1972-September 1973), in the rates of tax, the standard and personal exemption deductions, and the income tax collected at the source. Requires that the adjustment in effect for calendar year 1977 shall remain in effect.
Introduced in Senate
Referred to Senate Committee on Finance.
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