A bill to amend the Internal Revenue Code of 1954 to provide targeted rate schedules to replace the across-the-board tax cuts enacted by the Economic Recovery Act of 1981.

Amends the Internal Revenue Code, as amended by the Economic Recovery Tax Act of 1981, to set forth income tax rate schedules for each category of taxpayer for taxable years 1982 and 1983 and thereafter. Repeals the ten percent withholding reductions provided for in 1982 and 1983 contained in such Act.