A bill to amend the Internal Revenue Code of 1954 to provide for the exclusion from gross income of certain amounts attributable to inflation.

Amends the Internal Revenue Code to allow a tax deduction for the inflation adjustment amount of all the earned interest and all the increase in the personal service income of a taxpayer which does not exceed the percentage change in the Consumer Price Index for the taxable year. Includes among deductible amounts interest on savings accounts, corporate indebtedness, and government bonds.