A bill to amend the Internal Revenue Code of 1954 to provide for a tax on every new automobile with respect to its consumption rate, to provide for public disclosure of the fuel consumption rate of every new automobile, and for other purposes.

Imposes an excise tax under the Internal Revenue Code on every new automobile manufactured, produced or imported, based on the fuel consumption rate of such automobile.

Directs the Secretary of Transportation to determine by studies and investigations the fuel consumption rate of each automobile model which is subject or may be subject to the tax. Requires the Secretary to prepare and transmit to the Secretary of the Treasury a schedule of all such rates to be known as the Automobile Fuel Consumption Schedule.

Stipulates that every label required to be affixed under the Automobile Information Disclosure Act shall include the fuel consumption rate and the tax paid on such automobile.