A bill to direct the Secretary of the Treasury and the Council of Economic Advisers to prepare a tax impact study for the Congress.

Directs the Secretary of the Treasury and the Council of Economic Advisors to report to Congress on the impact of Federal, State, and local government taxation on the American economy. Requires that such report include an analysis of (1) the distribution of the tax burden according to income classes and (2) the effect of taxes on the pricing of goods and services, the determination of wages and fringe benefits, and the return on capital investment for holders of securities.