"I've drafted this bill to go into the ballot now because I believe Kiwis deserve a fairer tax system and they shouldn't have to wait," Bridges said today.
However, there is no guarantee it will be drawn before the 2020 election.
Each MP in Parliament who is not a minister has the opportunity to put a members' bill into the ballot.
If it is drawn, it is debated in Parliament and if it has the support of the majority of the House, will pass into law.
Examples of bills that were in the members' ballot include the gay marriage bill – which passed in 2013 – and the Euthanasia bill, which is currently going through the House.
There are 71 bills in the ballot at the moment and they are picked at random. This means Bridges' bill has a one-in-71 chance of being pulled.
Even then, it would need to have the support of at least the Greens or NZ First to become law if it was pulled before the election.
If the bill is drawn, Bridges said it would ensure Kiwi families can keep more of what they earn, restoring fairness to the tax system.
At present, because of inflation, many Kiwis are pushed into higher tax brackets despite the fact they may not have received a pay increase.
Bridges said over the next three years, many New Zealanders on an average wage will move into the top tax bracket of 33 per cent – "I don't think it's fair for people on the average wage to pay a third of their income in tax."
The bill means that income taxes would be adjusted every three years in line with the cost of living.
"If my bill is drawn from the ballot and we assume inflation of two per cent, someone on the average wage would be $430 a year better off after the first adjustment, $900 after the second and $1400 after the third."
He said the bill would mean Kiwis would pay $650 million a year less in tax after the first adjustment on today's estimates.
