A bill to direct the Secretary of the Treasury to study the increased tax burden on low and moderate income individuals resulting from the effect of inflation on the existing Federal income tax structure.

Directs the Secretary of the Treasury, in consultation with the Secretary of Labor, to conduct a study of how inflation, as measured by increases in the Consumer Price Index, has increased the Federal income tax liabilities of low-and-moderate-income individuals even though the real incomes of such individuals, as measured by dollar purchasing power, have not increased.

Requires that the Secretary of the Treasury submit to Congress not later than January 1, 1976, a detailed statement of the results of his study together with reccomendations for legislation designed to offset the effect of inflation on income tax liability.