A bill to amend the Internal Revenue Code of 1954 to eliminate the individual income tax reductions which take effect in 1983, and to exclude from gross income interest on certain low-interest residential mortgages and new motor vehicle loans.

Amends the Internal Revenue Code to eliminate the individual income tax rate reductions which were to take effect in 1983. Repeals the ten-percent withholding reduction scheduled for July 1, 1983.

Excludes from gross income interest received on certain mortgage and automobile loans. Requires that the effective rate of interest on such loans not exceed ten percent. Requires that the automobiles financed with such loans be domestically manufactured. Disallows such exclusion when the financing is provided by a related person.