A bill to amend the Internal Revenue Code of 1954 to restrict the authority for inspection of tax returns and the disclosure of information contained therein.

States that all tax returns made with respect to taxes imposed by the Internal Revenue Code are confidential records, and that, except where provided otherwise, no return shall be open to inspection nor shall information contained therein be disclosed.

Authorizes inspections of returns by the following persons: (1) the taxpayer or his representative; (2) officers and employees of the Departments of Justice, the Treasury, State agencies entrusted with carrying out the income tax laws, and the Internal Revenue Service solely for administration and enforcement of the income tax laws; and (3) the President of the United States.

Authorizes the disclosure of statistical information to State and Federal agencies and the Joint Committee on Internal Revenue.

Imposes civil and criminal penalties for violations of this Act.