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

Provides for increases in the standard deduction and low income allowances under the Internal Revenue Code. Provides formulas to determine the limited income exclusion for the tax on self-employment income and for tax wages.

Requires the Secretary of the Treasury, with the concurrence of the Secretary of Health, Education, and Welfare, to prescribe regulations providing for prompt and effective relief for low-income and moderate-income taxpayers.

Provides for appropriations from the General Fund to Social Security Trust Funds.