A bill to amend the Internal Revenue Code of 1954 and certain other provisions of law to provide for automatic cost-of-living adjustments in the income tax rates, the amount of the standard, personal exemption, and depreciation deductions, and the rate of interest payable on certain obligations of the United States.
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.
Referred to House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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