Date: March 20, 1975
Subject: Tax Indexing
Description: Long (D-LA) motion to table, and thus kill, the Buckley (C-NY) amendment to automatically adjust federal income tax brackets upward to reflect cost-of-living increases, thus offsetting tax increases as incomes rose during an inflationary period. This would ease the taxpayers' burden by enabling them to be taxed only on their real income. Thus, the taxpayer whose real income decreased during inflationary periods would be paying less federal taxes.
Result: Motion to Table Agreed to, 63-27
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