A bill to amend the Internal Revenue Code of 1954 by requiring automatic cost-of-living adjustments in the income tax rates and the amount of the standard deduction.

Summary

Amends the Internal Revenue Code to direct the Secretary of Labor to report to the Secretary of the Treasury the average rate of increases in prices which occurred during the four previous quarters ending on September 30. Requires the Secretary of the Treasury to increase the dollar amounts in each tax bracket for the following year by the percentage increase in the price levels as reported. Directs the Council on Wage and Price Stability to study the impact of indexing individual income tax brackets according to the rate of inflation and to report to Congress and the President with appropriate recommendations. Provides that this Act shall apply to taxable years 1979 through 1981.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 2 June 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 2 June 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 2 June 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 2 June 1978

  Open at official source

Sponsors

• Rep. Murphy, Morgan F. [D-IL-2] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1954 to provide for the indexation of individual income tax brackets, and for other purposes.