A bill to amend the Internal Revenue Code of 1954 and the Social Security Act to provide income and payroll tax relief to low- and moderate-income taxpayers.

Provides for increases in the standard deduction and low income allowances under the Internal Revenue Code. Allows a poverty exemption for self-employment income up to the sum of the amount of personal exemptions to which the tax payer is entitled plus a low-income allowance of $1,800 per household. States that the taxes imposed on wages for Old-Age, Survivor's, and Disability Insurance shall not apply on wages up to the sum of the amount of personal exemptions to which the taxpayer is entitled plus a low-income allowance of $1,800 per household, except that if total wages received by the taxpayer and the members of his household exceeds such sum, the wages in excess of such sum shall be deducted dollar for dollar from the wages exempt under this provision.