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 and for other purposes.
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 1973 - September 1974), 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 1978 shall remain in effect.
Introduced in Senate
Referred to Senate Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line