A bill to provide for the establishment of a commission to study revision of the Federal tax laws.

Establishes the Commission on Tax Revision pursuant to Congressional policy to provide a foundation for the comprehensive improvement of the Federal tax structure.

Charges the Commission to study and investigate the provisions of the Internal Revenue Code of 1954 and other Federal laws related to taxation, giving particular attention to: (1) the extent to which taxation affects incentive to work and invest; (2) the burden of the different types of taxes on various levels of income; (3) the "erosion" of the tax base and loopholes in the tax laws; (4) the extent to which taxes should be earmarked; and (5) the desirability of using a flexible tax policy (e.g., delegating discretionary tax authority to the President of the United States) to promote economic growth and stability. Specifies various types of taxation which the Commission shall study .

Sets forth provisions dealing with the membership, compensation, administration, and powers of the Commission. Requires the Commission to submit to Congress a detailed report of its findings. Provides for the termination of the Commission within 90 days after the submission of its report.