S.Amdt. 2466

SA 2466. Mr. SCHIFF (for himself, Mr. Hickenlooper, Mr. Bennet, and
Mr. Welch) submitted an amendment intended to be proposed to amendment
SA 2360 proposed by Mr. Thune (for Mr. Graham) 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:

On page 557, strike line 21 and all that follows through
page 561, line 2, and insert the following:
(l) Establishment of 39.6 Percent Individual Income Tax
Rate Bracket.--
(1) In general.--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 $10,000,000, 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 $10,000,000 amount by substituting `2024' for `2017'.''.
(2) Effective date.--The amendments made by this subsection
shall apply to taxable years beginning after December 31,
2025.
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