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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 24, 1982.
Title I: Elimination of Certain Income Tax Benefits and Adjustments on Outside Earned Income - Rescinds any legislation enacted after December 31, 1980, granting Members of Congress an income tax deduction for living expenses. Amends rule XLVII of the Rules of the House of Representatives to decrease the amount of outside earned income a Member may earn and the amount of honoraria a Member may accept. Title II: Review of Congressional Pay and Benefits - Congressional Pay and Benefits Commission Act - Directs the President to establish the Congressional Pay and Benefits Review Commission to conduct a comprehensive review of the salaries, allowances, tax benefits, and other financial benefits specifically applicable to Members of Congress. Requires the Commission to transmit a final report to Congress not later than nine months after enactment of this Act. Terminates the Commission 30 days after its final report.