A bill to amend the Internal Revenue Code of 1954 to provide that individual income tax rates and the deductions for personal exemptions shall be adjusted annually to reflect increases in the cost of living.

Amends the Internal Revenue Code to provide for cost-of-living adjustments in individual income tax brackets and the personal exemption through calendar year 1981 based on the price index percentage (the percentage by which the price index for a current calendar year, as reported by the Secretary of Labor, exceeds such index for the immediately preceeding calendar year).

Directs the Council on Wage and Price Stability to conduct a study of the impact of this Act on wages, prices, and federal tax revenues and to report to the President and Congress on its findings.