A bill to amend the Internal Revenue Code of 1954 to reduce the income taxes of low and middle income individuals by the excess of the inflation rate over 10 percent.

Amends the Internal Revenue Code to allow individual taxpayers earning less than $30,000 per year ($50,000 for joint return, $25,000 for married filing separately) an income tax credit equal to the percentage increase in the Consumer Price Index in excess of ten percent, multiplied by the amount of tax imposed with respect to the taxpayer.