A bill to rescind the tax benefits enacted during 1981 which provided special deductions with respect to the living expenses of Members of Congress and to decrease the amount of outside earned income a Member may accept.

Rescinds any legislation enacted after December 31, 1980, increasing the income tax deduction for the living expenses of Members of Congress.

Amends rule XLVII of the Rules of the House of Representatives to limit the amount of outside income a Member may earn to not more than 15 percent of the Member's aggregate salary. Provides that Members may not accept any honorarium of more than $1,000.