A bill to amend the Internal Revenue Code of 1954 to provide for inflation adjustments.

Title I: Individual Taxes - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the personal tax exemption, withholding requirements, and minimum income tax return amounts.

Title II: Corporate Taxes - Requires annual adjustments, based on the gross national product deflator, to corporate tax rates.

Title III: Capital Assets - Requires a cost-of-living adjustment, based on the Consumer Price Index, to the adjusted basis of a capital asset at the time of its sale or exchange for purposes of determining gain or loss on such asset.

Title IV: Depreciation - Revises the methods for determining the amount of the allowable depreciation deduction. Provides for a replacement cost straight line method of depreciation with an annual inflation adjustment.