S.Amdt. 135

SA 135. 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 15-PERCENT RATE BRACKET 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, 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 by substituting `10 percent' for `15 percent'.''.
(b) Effective Dates.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2008.
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