Tax Indexation Act

Tax Indexation Act - Amends the Internal Revenue Code to subject zero bracket amounts, personal exemptions, the corporate surtax exemption, limitations on individual retirement accounts and Keough contributions, the gift exclusion, the unified estate and gift tax credits, and the basis of assets to an annual cost-of- living adjustment, whereby each currently listed dollar amount shall be increased by an amount equal to such dollar amount multiplied by two-thirds of the increase in the Consumer Price Index over the two preceding years. Grants the President power to suspend such adjustments, subject to veto by either House of Congress.