A bill to amend the Internal Revenue Code of 1954 to provide for an increase in the amount of the personal exemptions for taxable years beginning after December 31, 1973.

[AI summary unavailable — showing source text] Provides for an increase in the allowance for personal exemptions under the Internal Revenue Code to $1000 (presently $750). Raises to $1000 the amount an individual must earn before filing a return (presently $750). Increases to $2300 the amount an individual who is married must earn before filing a return (presently $2050). Increases to $3300 the amount a married couple must earn before filing a joint return (presently $2800). Provides that where one spouse has filed a separate return and the income of the second spouse is less than $1000, (presently $750) or less than $2000, (presently $1500) in case such spouse was sixty-five years of age or older, the spouse filing the separate return will be deemed to have filed a joint return.…