A bill to amend the Internal Revenue Code of 1954 to provide for cost-of-living adjustments in the individual and corporate income tax rates, in the amount of the zero bracket amount and the personal exemptions, in the estate and gift tax rates and the amount of the unified credit against estate and gift taxes, and in the amount of certain excise taxes.
Truth in Taxes Act - Title I: Adjustments in Income Taxes - Amends the Internal Revenue Code to require annual cost-of-living adjustments in all: (1) individual and corporate income tax rates; (2) personal exemption and the zero bracket amounts; (3) withholding allowances; and (4) minimum requirements for filing a return.
Title II: Adjustments in Estate and Gift Taxes - Amends the Internal Revenue Code to require annual cost-of-living adjustments in: (1) the estate and gift tax rates; and (2) the unified credit against such taxes.
Title III: Increase in Certain Excise Taxes - Requires the Secretary of the Treasury to make annual cost-of-living increases in the specified amount basis (as opposed to the percentage basis) rates for the: (1) gasoline tax; (2) tax on special fuels; (3) tax on distilled spirits, wine, and beer; and (4) tax on cigars, cigarettes, and cigarette papers and tubes.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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