A bill to amend the Internal Revenue Code of 1954 to increase to $1,200 the personal exemptions of a taxpayer (including the exemption for a spouse, the exemptions for dependents, and the additional exemptions for old age and blindness).

Increases, under the Internal Revenue Code, from $750 to $1,200 the personal income tax exemptions of a taxpayer (including the exemption for a spouse, the exemptions for dependents, and the additional exemptions for old age and blindness).