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Supposed GOP Tax Bill Friday night at 614pm .pdf



Original filename: Supposed GOP Tax Bill - Friday night at 614pm.pdf

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S.L.C.

O:\MCG\MCGl 7C67.xml [file 1 of 5]

AMENDMENT NO.- - - -

Calendar No. - - -

Purpose: To provide a perfecting amendment.
IN THE SENATE OF THE UNITED STATES-115th Cong., 1st Sess.

H.R.1
To provide for reconciliation pursuant to titles II and V
of the concurrent resolution on the budget for fiscal
year 2018.
Referred to the Committee on - - - - - - - - - and
ordered to be printed
Ordered to lie on the table and to be printed
intended
to
be
proposed
by
_ _ _ _ _ _ _ _ _ to the amendment (No. ___ )
proposed by _ _ _ _ _ _ _ __

AMENDMENT

Viz:

1

Strike all after the first word and insert the following:

S.L.C.

O:\OTT\OTTl 7834.xml [file 2 of 5]

2

TITLE I

1

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) AMENDMENT OF 1986 CoDE.-Except as other-

6 wise expressly provided, whenever in this title an amend7 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 provi10 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 GENERAL.-Section 1 is amended by adding

15 at the end the following new subsection:
16

"(j) MODIFICATIONS FOR TAXABLE YEARS 2018

17 THROUGH 2025.18

"(l) IN GENERAL.-In the case of a taxable

19

year beginning after December 31, 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 TABLES.-

S.L.C.

O:\OTT\OTTl 7834.xml [file 2 of 5]

3
1

"(A) MARRIED INDIVIDUALS FILING JOINT

2

RETURNS AND SURVIVING SPOUSES.-The fol-

3

lowing table shall be applied in lieu of the table

4

contained in subsection (a):
"If taxable income is:

The tax is:

Not over $19,050 ......................................
Over $19,050 but not over $77,400 ..........
Over $77,400 but not over $140,000 ........
Over $140,000 but not over $320,000 ......
Over $320,000 but not over $400,000 ......
Over $400,000 but not over $1,000,000 ...
Over $1,000,000 ........................................

10% of taxable income.
$1,905, plus 12% of the excess over
$19,050.
$8,907, plus 22% of the excess over
$77,400.
$22,679, plus 24% of the excess
over $140,000.
$65,879, plus 32% of the excess
over $320,000.
$91,479, plus 35% of the excess
over $400,000.
$301,479, plus 38.5% of the excess
over $1,000,000.

5

"(B) HEADS OF HOUSEHOLDS.-The fol-

6

lowing table shall be applied in lieu of the table

7

contained in subsection (b):
"If taxable income is:

The tax is:

Not over $13,600 ......................................
Over $13,600 but not over $51,800 ..........
Over $51,800 but not over $70,000 ..........
Over $70,000 but not over $160,000 ........
Over $160,000 but not over $200,000 ......
Over $200,000 but not over $500,000 ......
Over $500,000 ...........................................

8

"(C)

10% of taxable income.
$1,360, plus 12% of the excess over
$13,600.
$5,944, plus 22% of the excess over
$51,800.
$9,948, plus 24% of the excess over
$70,000.
$31,548, plus 32% of the excess
over $160,000.
$44,348, plus 35% of the excess
over $200,000.
$149,348, plus 38.5% of the excess
over $500,000.

UNMARRIED

INDIVIDUALS

OTHER

9

THAN SURVIVING SPOUSES AND HEADS OF

10

HOUSEHOLDS.-The following table shall be ap-

O:\OTT\OTTl 7834.xml [file 2 of 5]

S.L.C.

4
1

plied in lieu of the table contained in subsection

2

(c):
"If taxable income is:
Not over $9,525 ........................................
Over $9,525 but not over $38, 700 ............
Over $38,700 but not over $70,000 ..........
Over $70,000 but not over $160,000 ........
Over $160,000 but not over $200,000 ......
Over $200,000 but not over $500,000 ......
Over $500,000 ...........................................

The tax is:
10% of taxable income.
$952.50, plus 12% of the excess
over $9,525.
$4,453.50, plus 22% of the excess
over $38,700.
$11,339.50, plus 24% of the excess
over $70,000.
$32,939.50, plus 32% of the excess
over $160,000.
$45,739.50, plus 35% of the excess
over $200,000.
$150,739.50, plus 38.5% of the excess over $500,000.

3

"(D) MARRIED INDIVIDUALS FILING SEPA-

4

RATE RETURNS.-The following table shall be

5

applied in lieu of the table contained in sub-

6

section (d):
"If taxable income is:
Not over $9,525 ........................................
Over $9,525 but not over $38, 700 ............
Over $38,700 but not over $70,000 ..........
Over $70,000 but not over $160,000 ........
Over $160,000 but not over $200,000 ......
Over $200,000 but not over $500,000 ......
Over $500,000 ...........................................

The tax is:
10% of taxable income.
$952.50, plus 12% of the excess
over $9,525.
$4,453.50, plus 22% of the excess
over $38,700.
$11,339.50, plus 24% of the excess
over $70,000.
$32,939.50, plus 32% of the excess
over $160,000.
$45,739.50, plus 35% of the excess
over $200,000.
$150,739.50, plus 38.5% of the excess over $500,000.

7

"(E) ESTATES AND TRUSTS.-The fol-

8

lowing table shall be applied in lieu of the table

9

contained in subsection (e):



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