To provide that cost-of-living adjustments to payments made under Federal law and to Federal tax benefits shall be determined using a new price index.

Summary

Requires, notwithstanding any other provision of law, that the Consumer Price Index for Government Use (CPI-G) established under this Act be used to determine the amount of any cost-of-living or similar adjustment under the Internal Revenue Code and any payment listed in this Act that is otherwise subject to an adjustment using a price index that includes prices of tobacco products or distilled spirits or both. Includes in that payment list: (1) Social Security Act benefits; (2) retirement benefits for former U.S. employees or former U.S. armed forces members; (3) payments on account of the death or disability of any current or former U.S. employee; and (4) tier 1 railroad retirement benefits. Requires that the CPI-G be based on the Consumer Price Index for All Urban Consumers, but requires it to exclude tobacco product and distilled spirit prices.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 June 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 26 June 1997

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• Introduced in House

  summary · EN · 26 June 1997

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