Truth in Taxes Act

Summary

Truth in Taxes Act - Title I: Adjustments in Income Taxes - Amends the Internal Revenue Code to require annual cost-of-living adjustments in all: (1) individual and corporate income tax rates; (2) personal exemption and the zero bracket amounts; (3) withholding allowances; and (4) minimum requirements for filing a return. Title II: Adjustments in Estate and Gift Taxes - Amends the Internal Revenue Code to require annual cost-of-living adjustments in: (1) the estate and gift tax rates; and (2) the unified credit against such taxes. Title III: Increase in Certain Excise Taxes - Requires the Secretary of the Treasury to make annual cost-of-living increases in the specified amount basis (as opposed to the percentage basis) rates for the: (1) gasoline tax; (2) tax on special fuels; (3) tax on distilled spirits, wine, and beer; and (4) tax on cigars, cigarettes, and cigarette papers and tubes.

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1 official file

• Introduced in House

  summary · EN · 13 February 1980

  Open at official source

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