Proposing an amendment to the Constitution of the United States to require three-fifths majorities for bills increasing taxes.

Constitutional Amendment - Requires a three-fifths majority of the whole number of each House of the Congress before a bill increasing any revenue may pass.

Provides that total revenue of the United States Government for each fiscal year shall not exceed 20 percent of the gross domestic product and that any revenue in excess of this limit shall be used to reduce the public debt.

Authorizes a specific amount of additional revenue above such limit for the current or next fiscal year when a bill for this sole purpose is passed by a three-fifths majority of the whole number of each House of the Congress and becomes law.

Authorizes the Congress, upon the President's request, to waive the provisions of this joint resolution by a roll call vote for any fiscal year in which a declaration of war is in effect. Requires any law that has the effect of increasing any revenue, if adopted when a waiver is in effect, to expire within two years after the law is adopted.