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S.L.C.
MENDMENT
NO. Calendar No. Purpose: To prmride a perfecting amendment.
IN THE SENATE OF THE UNITED
STATES 115th
Cong. 1st Sess.
H.R.1
To provide for reeoneiliation
pursuant
to titles
II
and V
of
the eoncurrent resolution on the budget for fiseal year 2018. Referred to the Committee on and
ordered to
he
printed
Ordered to lie on the table and to be printed
Al\IENDMENT
intended to be proposed by to the amendment No. ) proposed by
Viz:
Strike all after the first word and insert the following:
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S.L.C.
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1
TITLE
I
2
SEC.
11000.
SHORT TITLE,
ETC.
3
(a)
SHORT
TITLE.-This
title
may
be cited as
the
4
Tax
Cuts and
Jobs
Act .
5
(b)
Jbrn~D \IENT
OP
1
}86
CODE.-Except
as
other-
6
\vise expressly provided, whenever in
this
title
an
amend-
7
ment or
repeal is expressed in
terms of
an
amendment
8
to,
or
repeal of, a section
or other
provision,
the
reference
9
shall be considered
to
be made to a section
or other
provi-
10
sion
of the Internal
Revenue Code
of
1986.
11
Subtitle
A-Individual
Tax
Reform
12
PART
I-TAX
RATE
REFORM
13
SEC.
11001.
MODIFICATION
OF
RATES.
14
(a)
IN
GEXERAL.-Section
1
is amended
by
adding
15
at
the
end tlw following new subsection:
16
(j)
MODIPICATIONS
POR
TA r XABLE
YEARS
2018
17
THROUGH
2025.-
18
(l)
I~
GENERAh In
the
case
of
a
taxable
19
year
beginning
after
December
~n
2017,
and
before
20
,January 1,
2026
21
(A)
subsection (i) shall not apply,
and
22
(B)
this
section (other
than
subsection
23
(i)) shall be applied as provided in
paragraphs
24
2)
through
7).
25 (2)
RATE
T
\BLEK-
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S.L.C.
2
3
4
5
6 7
8
9
10
3
(A)
MARRIED IXDIYIDUALS
FILING JOINT
RETURNS
AND
SURVIVING
SPOUSES.-The
fol-lowing
table
shall be applied in
lieu
of the
table
eontaincd in subscetion
(a):
If
taxable income
is
he
tax
is
Not
owr
$19,050 ......................................
10%-
of taxable income. Over $19,050 but not over $77,-100 .......... $1,905, plus 12% of the exress over $19,050. Over $77,400 hut not
ow1·
$140,000 ........ $8,907, plus
22
of the excess over $77,400. Over $140,000 hut not over $320,000 ...... $22,679, plus 24% of the excess over $140,000. Over $320,000 but not over $400,000 ...... $65,879, plus 32% of the excess
OYer
$320,000. Over $400,000
but
not over $1,000,000 ... $91,4 79, plus 35% of the excess over $400,000. Over $1,000,000 ........................................ $301,479, plus 38.5% of the excess over $1,000,000.
(B)
HE.ADS OF
HOUSEHOl.iDS.-Thc following
table shall be applied
in lieu
of
the
table
contained in subsection
(h):
If
taxable
income
is
he
tax
is
Not over $13,()00 ...................................... 10% of
tax<tble
income. Over $13,600 hut not over $51,800 .......... $1,360, plus 12% of the excess over $13,600. Over $51,800 hut not over $70,000 .......... $5,944, plus 22% of the exress over $51,800. Over $70,000 hut not over $160,000 ........ $9,948, plus 24% of the exrcss over $70,000. Over
1
(>0,000
hut not over $200,000 ...... $31,fi48, plus
32
of the excess over $160,000. Over $200,000 hut not
owr
$500,000 ...... $44,348, plus 35% of the excess over $200,000. Over $500,000 ........................................... $14 ),348, plus 38.5% of the excess
OYel
$500,000.
(C)
U
s o
~l RRIED
INDIVIDeAL.__
THER
THAN
SURYIVING
SPOUSES
AND
HEADS OF
HOUSEHOLDS.-The
following
table shall be ap-