Inflation Adjustment Act of 1980

Summary

Inflation Adjustment Act of 1980 - Amends the Internal Revenue Code to require annual cost-of-living adjustments of individual tax rates, zero bracket amounts, related withholding and return requirements, and the personal exemption amounts for 1982 and all years following. Limits the adjustment of individual tax rates to a maximum ten percent. Sets forth a formula for determination of the proper annual adjustment, keyed to the Consumer Price Index. Directs the Secretary of the Treasury to prescribe adjusted tables by December 15 of each calendar year, starting in 1982. Directs the Council on Wage and Price Stability to study the impact of this Act and to report its conclusions and recommendations to the President and the Congress not later than July 1, 1984. Authorizes the President to submit to Congress a plan for suspending all such adjustments for a calendar year if he determines that such adjustments will have a significant adverse effect on the United States economy. States that such suspension plan shall go into effect if neither House of Congress has passed a resolution of disapproval within 60 days following delivery to Congress. Prescribes procedures for consideration of such a resolution.

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1 official file

• Introduced in Senate

  summary · EN · 10 September 1980

  Open at official source

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