S.Amdt. 2626

SA 2626. Mr. REED 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:

At the appropriate place, insert the following:

SEC. ____. MODIFICATION OF RATES.

(a) In General.--Section 1(j)(2) is amended by striking
subparagraphs (A) through (D) and by inserting before
subparagraph (E) the following new subparagraphs:
``(A) Married individuals filing joint returns and
surviving spouses.--The following table shall be applied in
lieu of the table contained in subsection (a):

``If taxable income is:                    The tax is:
------------------------------------------------------------------------
Not over $19,050..........................  8% of taxable income.
Over $19,050 but not over $77,400.........  $1,524, plus 9% of the
excess over $19,050.
Over $77,400 but not over $165,000........  $6,775.50, plus 18% of the
excess over $77,400.
Over $165,000 but not over $315,000.......  $22,543.50, plus 22% of the
excess over $165,000.
Over $315,000 but not over $400,000.......  $55,543.50, plus 32% of the
excess over $315,000.
Over $400,000 but not over $600,000.......  $82,743.50, plus 36% of the
excess over $400,000.
Over $600,000.............................  $154,743.50, plus 39.6% of
the excess over $600,000.

``(B) Heads of households.--The following table shall be
applied in lieu of the table contained in subsection (b):

``If taxable income is:                    The tax is:
------------------------------------------------------------------------
Not over $13,600..........................  8% of taxable income.
Over $13,600 but not over $51,800.........  $1,088, plus 9% of the
excess over $13,600.
Over $51,800 but not over $82,500.........  $4,526, plus 18% of the
excess over $51,800.
Over $82,500 but not over $157,500........  $10,052, plus 22% of the
excess over $82,500.
Over $157,500 but not over $200,000.......  $26,552, plus 32% of the
excess over $157,500.
Over $200,000 but not over $500,000.......  $40,152, plus 36% of the
excess over $200,000.
Over $500,000.............................  $148,152, plus 39.6% of the
excess over $500,000.

[[Page S4027]]

``(C) Unmarried individuals other than surviving spouses
and heads of households.--The following table shall be
applied in lieu of the table contained in subsection (c):

``If taxable income is:                    The tax is:
------------------------------------------------------------------------
Not over $9,525...........................  8% of taxable income.
Over $9,525 but not over $38,700..........  $762, plus 9% of the excess
over $9,525.
Over $38,700 but not over $82,500.........  $3,387.75, plus 18% of the
excess over $38,700.
Over $82,500 but not over $157,500........  $11,271.75, plus 22% of the
excess over $82,500.
Over $157,500 but not over $200,000.......  $27,771.75, plus 32% of the
excess over $157,500.
Over $200,000 but not over $500,000.......  $41,371.75, plus 36% of the
excess over $200,000.
Over $500,000.............................  $149,371.75, plus 39.6% of
the excess over $500,000.

``(D) Married individuals filing separate returns.--The
following table shall be applied in lieu of the table
contained in subsection (d):

``If taxable income is:                    The tax is:
------------------------------------------------------------------------
Not over $9,525...........................  8% of taxable income.
Over $9,525 but not over $38,700..........  $762, plus 9% of the excess
over $9,525.
Over $38,700 but not over $82,500.........  $3,387.75, plus 18% of the
excess over $38,700.
Over $82,500 but not over $157,500........  $11,271.75, plus 22% of the
excess over $82,500.
Over $157,500 but not over $200,000.......  $27,771.75, plus 32% of the
excess over $157,500.
Over $200,000 but not over $300,000.......  $41,371.75, plus 36% of the
excess over $200,000.
Over $300,000.............................  $77,371.75, plus 39.6% of
the excess over
$300,000.''.

(b) Modification of Inflation Adjustment.--Section
1(j)(3)(B)(i), as amended by section 70101, is further
amended to read as follows:
``(i) subsection (f)(3) shall be applied--

``(I) solely for purposes of determining the dollar amounts
at which any rate bracket higher than 12 percent ends and at
which any rate bracket higher than 22 percent begins, except
as provided in subclause (II), by substituting `calendar year
2017' for `calendar year 2016' in subparagraph (A)(ii)
thereof, and
``(II) in the case of any taxable year beginning after
December 31, 2025, solely for purposes of determining the
dollar amounts at which the 36-percent rate bracket ends and
the 39.6-percent rate bracket begins, by substituting
`calendar year 2024' for `calendar year 2016' in subparagraph
(A)(ii) thereof,''.

(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2025.
______