A bill to amend the Internal Revenue Code of 1954 to provide that individual income tax rates not be adjusted to reflect increases in the Consumer Price Index.

Amends the Internal Revenue Code to repeal provisions requiring cost of living adjustments in the income tax rates which were to take effect in 1985. Sets the zero bracket amount at $3,200 for joint returns and surviving spouses, $2,200 for individuals, and $1,600 for married individuals filing separate returns.

Amends the Internal Revenue Code, as amended by the Economic Recovery Tax Act of 1981, to eliminate the cost of living adjustment to the $1,000 personal tax exemption. Makes conforming changes in tax return requirements.