S.Amdt. 2377

SA 2377. Mr. KAINE submitted an amendment intended to be proposed by
him to the bill H.R. 1, to provide for reconciliation pursuant to title
II of H. Con. Res. 14; which was ordered to lie on the table; as
follows:

Strike subtitle A of title I.
Strike chapter 1 of subtitle B of title VII.
Strike section 70106 and insert the following:

SEC. 70106. MODIFICATIONS TO INCOME TAX RATES.

(a) 39.6 Percent Rate Bracket.--Section 1(j)(2) is amended
by redesignating subparagraph (F) as subparagraph (G) and by
inserting after subparagraph (E) the following new
subparagraph:
``(F) 39.6 percent rate bracket.--Notwithstanding
subparagraphs (A) through (E), in prescribing the tables
under this subsection for purposes of paragraph (3)(B)--
``(i) the excess of taxable income over $1,000,000
($500,000, in the case of married individuals filing separate
returns), if any, shall be taxed at a rate of 39.6 percent,
and
``(ii) paragraph (3)(B)(i) shall be applied with respect to
such $1,000,000 and $500,000 amounts by substituting `2024'
for `2017'.''.
(b) Adjustment to Corporate Tax Rate.--Section 11(b) is
amended by striking ``21 percent'' and inserting ``25
percent''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2025.
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