A bill to amend the Internal Revenue Code of 1954 to provide for the indexation of individual income tax brackets, and for other purposes.

Amends the Internal Revenue Code to require the Secretary of the Treasury to make annual adjustments in the individual income tax brackets according to a specified formula incorporating increases in the Consumer Price Index.

Requires the Council on Wage and Price Stability to study the impact of the amendments made by this Act and to report its findings to Congress and the President no later than July 1, 1982.