S.Amdt. 546

SA 546. Mr. KENNEDY submitted an amendment intended to be proposed by him to the bill S. 1054, to provide for reconciliation pursuant to section 201 of the concurrent resolution on the budget for fiscal year 2004; which was ordered to lie on the table; as follows:

At the end of end of subtitle C of title V add the following:

SEC. ____. REPEAL OF PARTIAL EXCLUSION OF DIVIDENDS AND ELIMINATION OF ACCELERATION OF TOP RATE REDUCTION IN INDIVIDUAL INCOME TAX RATES.

(a) Repeal of Partial Exclusion of Dividends.--Section 201 of this Act, and the amendments made by such section, are repealed.

(b) Elimination of Acceleration of Top Rate Reduction In Individual Income Tax Rates.--Notwithstanding the amendment made by section 102(a) of this Act, in lieu of the percent specified in the last column of the table in paragraph (2) of section 1(i) of the Internal Revenue Code of 1986, as amended by such section 102(a), for taxable years beginning during calendar years 2003, 2004, and 2005, the following percentages shall be substituted for such years:

(1) For 2003, 38.6%.

(2) For 2004 and 2005, 37.6%.

(c) Effective Date.--Subsection (a) and (b) shall take effect on the date of enactment of this Act.