A bill to amend the Internal Revenue Code of 1954 to provide that an individual shall be entitled to a tax credit equal to the amount by which the purchasing power of his adjusted gross income for the taxable year is reduced by inflation, and to increase to $1,200 the personal income tax exemptions.

[AI summary unavailable — showing source text] Allows, under the Internal Revenue Code, a tax credit, in the case of an individual, equal to the amount of the adjusted gross income multiplied by the rate of inflation. Provides that a credit in excess of tax liability will be refunded. Increases to $1,200 the personal income tax exemption.…