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Supposed GOP Tax Bill Friday night at 614pm.pdf


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S.L.C.

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

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"If taxable income is:
Not over $2,550 ........................................
Over $2,550 but not over $9,150 ..............
Over $9,150 but not over $12,500 ............
Over $12,500 .............................................

The tax is:
10% of taxable income.
$255, plus 24% of the excess over
$2,550.
$1,839, plus 35% of the excess over
$9,150.
$3,011.50, plus 38.5% of the excess over $12,500.

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"(F) REFERENCES TO RATE TABLES.-

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Any reference in this title to a rate of tax under

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subsection (c) shall be treated as a reference to

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the corresponding rate bracket under subpara-

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graph (C) of this paragraph, except that the

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reference in section 3402(q)(l) to the third low-

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est rate of tax applicable under subsection (c)

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shall be treated as a reference to the fourth

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lowest rate of tax under subparagraph (C).

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"(3) ADJUSTMENTS.-

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"(A) No ADJUSTMENT IN 201s.-The ta-

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bles contained in paragraph (2) shall apply

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without adjustment for taxable years beginning

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after December 31, 2017, and before January

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1, 2019.

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"(B) SUBSEQUENT YEARS.-For taxable

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years beginning after December 31, 2018, the

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Secretary shall prescribe tables which shall

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apply in lieu of the tables contained in para-

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graph (2) in the same manner as under para-