A bill to amend the Internal Revenue Code to provide for inflation adjustments.

Title I: Amends the Internal Revenue Code to require an annual cost-of-living adjustment, based on the Consumer Price Index (CPI), to the individual income tax rates, the personal exemption amount, and the withholding tables.

Title II: Requires annual inflation adjustments (based on gross national product deflator adjustments) to corporate income tax rates.

Title III: Requires inflation adjustments (based on the CPI) to specified capital assets for purposes of determining gain or loss.

Title IV: Eliminates the declining balance and sum-of-the-years digits methods of computing allowable depreciation expenses. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the property's useful life. Revises the formula for the adjusted basis for determining property gain.