Fair Income Tax Act

[AI summary unavailable — showing source text] Fair Income Tax Act - Authorizes an automatic annual cost-of-living adjustment in the income tax rates based upon fluctuations in the price index. Provides for the adjustment of the standard deduction authorized under the Internal Revenue Code based upon such cost-of-living calculation and for adjustment of the personal exemptions. Makes the provisions of this Act applicable to taxable years beginning after December 31, 1975.…