A bill to amend section (1)(f)(3) of the Internal Revenue Code and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that the amount by which individual income tax rates will be adjusted annually shall be the Consumer Price Index minus three percentage points. Provides for such adjustment during calendar years 1985 through 1988. Provides that for FY 1985 through 1988 the cost of living adjustments for the following Federal programs will be determined by using the Consumer Price Index minus three percentage points: (1) old age, survivors and disability benefits; (2) armed services retirement and retainer pay; (3) retired pay and retainer pay of members and former members of the Coast Guard; (4) retired pay of commissioned officers of the National Oceanic and Atmospheric Administration or the Public Health Service; (5) civil service retirement benefits; (6) foreign service retirement benefits; (7) Central Intelligence Agency retirement benefits; (8) Federal workers' compensation; and (9) veterans' dependency and indemnity compensation.…