Cost-of-Living Adjustment Act

[AI summary unavailable — showing source text] Cost-of-Living Adjustment Act - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to: (1) individual income tax rates; (2) the corporate surtax exemption; (3) the standard deduction; (4) personal income tax exemptions; (5) depreciation allowances; (6) the adjusted basis of capital assets for purposes of computing capital gain or loss. Amends the Second Liberty Bond Act to require annual cost-of-living adjustments, based on the Consumer Price Index, to the rate of interest on and the redemption value of Government savings bonds and certificates, and other obligations of the United States having a maturity of 1 year or more.…