S.Amdt. 133

SA 133. Mr. CORNYN submitted an amendment intended to be proposed to
amendment SA 98 proposed by Mr. Inouye (for himself and Mr. Baucus) to
the bill H.R. 1, making supplemental appropriations for job
preservation and creation, infrastructure investment, energy efficiency
and science, assistance to the unemployed, and State and local fiscal
stabilization, for fiscal year ending September 30, 2009, and for other
purposes; which was ordered to lie on the table; as follows:

At the end of part I of subtitle A of title I of division
B, insert the following:

SEC. __. REDUCTION IN 10-PERCENT AND 15-PERCENT RATE BRACKETS
FOR 2009 AND 2010.

(a) In General.--Section 1(i) of the Internal Revenue Code
of 1986 is amended by redesignating paragraph (3) as
paragraph (4) and by inserting after paragraph (2) the
following new subparagraph:
``(3) Reductions for 2009 and 2010.--In the case of any
taxable year beginning in 2009 or 2010--
``(A) In general.--Each of the tables under subsections
(a), (b), (c), (d), and (e) (as in effect after the
application of paragraphs (1) and (2)) shall be applied --
``(i) by substituting `5 percent' for `10 percent', and
``(ii) by substituting `10 percent' for `15 percent'.
``(B) Rules for applying certain other provisions.--
``(i) Subsection (g)(7)(B)(ii)(II) shall be applied by
substituting `5 percent' for `10 percent'.
``(ii) Section 3402(p)(2) shall be applied by substituting
`5 percent' for `10 percent'.''.
(b) Effective Dates.--
(1) In general.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2008.
(2) Withholding provisions.--Clause (ii) of section
1(i)(3)(B) of the Internal Revenue Code of 1986, as added by
subsection (a), shall apply to amounts paid after the 60th
day after the date of the enactment of this Act.
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