A bill to amend the Internal Revenue Code of 1954 to increase the personal exemption amount to compensate for inflation since 1944 and to provide an automatic increase in such amount to compensate for future inflation.

Summary

Amends the Internal Revenue Code to increase the personal exemption amount from $1,000 to $2,500. Provides an annual increase of such amount by an amount equal to $2,500 multiplied by the cost-of-living adjustment for the calendar year in which the taxable year begins. Defines "cost-of-living adjustment" as the percentage by which the Consumer Price Index for September of the preceding calendar year exceeds the Consumer Price Index for September 1980. Increases and provides an annual cost-of-living adjustment for the withholding requirement in the same amount as the personal exemption amount. Increases and provides an annual cost-of-living adjustment for the minimum income tax return amounts from the present amounts to the sum of the personal exemption amount plus the zero bracket amount applicable to the taxpayer.

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Documents

1 official file

• Introduced in House

  summary · EN · 8 April 1981

  Open at official source

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