S.Amdt. 1718

SA 1718. Mr. MANCHIN submitted an amendment intended to be proposed
by him to the bill H.R. 1, to provide for reconciliation pursuant to
titles II and V of the concurrent resolution on the budget for fiscal
year 2018; which was ordered to lie on the table; as follows:

Strike subsection (a) of section 13001 and insert the
following:
(a) In General.--Subsection (b) of section 11 is amended to
read as follows:
``(b) Amount of Tax.--
``(1) In general.--Except as provided in paragraph (2), the
amount of the tax imposed by subsection (a) shall be 25
percent of taxable income.
``(2) Further reduction.--
``(A) In general.--Subject to subparagraph (B)--
``(i) in the case of any taxable year beginning after
December 31, 2022, and before January 1, 2026, paragraph (1)
shall be applied by substituting `23 percent' for `25
percent', and
``(ii) in the case of any taxable year beginning after
December 31, 2025, paragraph (1) shall be applied by
substituting `20 percent' for `25 percent'.
``(B) Revenue projection trigger.--Subparagraph (A) shall
not apply to any taxable year beginning in a calendar year
unless the revenues estimated for all preceding calendar
years beginning after December 31, 2018, (as determined by
the Joint Committee on Taxation on the date of the enactment
of the Tax Cuts and Jobs Act) equals or exceeds actual
revenue for such calendar years (as determined by the
Secretary of the Treasury).''.
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