Cost-of-Living Adjustment Act - Amends the Internal Revenue Code to require annual cost-of-living adjustments, based on the Consumer Price Index, to: (1) individual income tax brackets; (2) the corporate surtax exemption; (3) the $1,000 personal exemption; (4) depreciation deductions; and (5) the adjusted basis of property for purposes of determining capital gains.
Amends the Second Liberty Bond Act to require cost-of-living adjustments to interest rates on savings bonds and certificates issued pursuant to such Act and on certain other obligations of the United States.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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