A bill to amend the Internal Revenue Code of 154 to restrict the authority for inspection of tax returns and the disclosures of information contained therein.

Prohibits, except as provided in this Act, the inspection of tax returns and the disclosure of information contained in such returns. Authorizes the inspection of returns by or disclosure to (1) the taxpayer or his representative; (2) employees of the Internal Revenue Service and Department of Justice solely for purposes of enforcement of the tax laws; (3) State agencies charged with administration of the tax laws only for that purpose; (4) the President of the United States in the performance of his official duties; and (5) the Joint Committee on Internal Revenue Taxation for statistical purposes only.

Increases the criminal penalties for unauthorized disclosure or receipt of information under this Act.