,i #aac? ,,congress #a/ ,session ,h4 ,r4 #agbc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #be1 #bjac ,ms4 ,s*ak[sky 7= h]self1 ,mr4 ,cony]s1 ,ms4 ,edw>ds1 ,ms4 ,mc,collum1 ,mr4 ,y>mu?1 ,ms4 ,lee ( ,cali=nia1 & ,mr4 ,guti]rez7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to impose increas$ rates ( tax ) respect to taxpay]s ) m ?an #a1jjj1jjj taxable income1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,fairness 9 ,taxation ,act ( #bjac4 #b4 ,increas$ tax rates = taxpay]s ) m ?an #a1jjj1jjj taxable income 7a7 ,9 g5]al 7#a7 ,m>ri$ individuals fil+ jo9t returns & surviv+ sp\ses ,! table conta9$ 9 subsection 7a7 ( section #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 ,if taxable income is3,! tax is3 ,n ov] #ag1hejaj ( taxable income ,ov] #ag1hej b n ov] #gb1ejja1ghe1 plus #ae ( ! excess ov] #ag1hej4 ,ov] #gb1ejj b n ov] #adf1djji1ihb4ej1 plus #be ( ! excess ov] #gb1ejj4 ,ov] #adf1djj b n ov] #bbc1jejbh1deg4ej1 plus #bh ( ! excess ov] #adf1djj4 ,ov] #bbc1jej b n ov] #cih1cejdi1iai4ej1 plus #cc ( ! excess ov] #bbc1jej4 ,ov] #cih1cej b n ov] #dej1jjjajg1gfh4ej1 plus #ce ( ! excess ov] #cih1cej4 ,ov] #dej1jjj b n ov] #a1jjj1jjjabe1hdf1 plus #ci4f ( ! excess ov] #dej1jjj4 ,ov] #a1jjj1jjj b n ov] #aj1jjj1jjjcdc1fdf1 plus #de ( ! excess ov] #a1jjj1jjj4 ,ov] #aj1jjj1jjj b n ov] #bj1jjj1jjjd1cic1fdf1 plus #df ( ! excess ov] #aj1jjj1jjj4 ,ov] #bj1jjj1jjj b n ov] #ajj1jjj1jjjh1iic1fdf1 plus #dg ( ! excess ov] #bj1jjj1jjj4 ,ov] #ajj1jjj1jjj b n ov] #a1jjj1jjj1jjjdf1eic1fdf1 plus #dh ( ! excess ov] #ajj1jjj1jjj4 ,ov] #a1jjj1jjj1jjjdgh1eic1fdf1 plus #di ov] ! excess ov] #a1jjj1jjj1jjj4 7#b7 ,heads ( h\sehold ,! table conta9$ 9 subsection 7b7 ( section #a ( su* ,code is am5d$ to read z foll[s3 ,if taxable income is3,! tax is3 ,n ov] #ab1gejaj ( taxable income4 ,ov] #ab1gej b n ov] #dh1fjj #a1bge1 plus #ae ( ! excess ov] #ab1gej4 ,ov] #dh1fjj b n ov] #abe1dejf1feb4ej1 plus #be ( ! excess ov] #dh1fjj4 ,ov] #abe1dej b n ov] #bjc1aejbe1hfe1 plus #bh ( ! excess ov] #abe1dej4 ,ov] #bjc1aej b n ov] #cih1cejdg1fba1 plus #cc ( ! excess ov] #bjc1aej4 ,ov] #cih1cej b n ov] #dbe1jjjaab1jcg1 plus #ce ( ! excess ov] #cih1cej4 ,ov] #dbe1jjj b n ov] #a1jjj1jjjaba1cfd4ej1 plus #ci4f ( ! excess ov] #dbe1jjj4 ,ov] #a1jjj1jjj b n ov] #aj1jjj1jjjcdi1jfd4ej1 plus #de ( ! excess ov] #a1jjj1jjj4 ,ov] #aj1jjj1jjj b n ov] #bj1jjj1jjjd1cii1jfd4ej1 plus #df ( ! excess ov] #aj1jjj1jjj4 ,ov] #bj1jjj1jjj b n ov] #ajj1jjj1jjjh1iii1jfd4ej1 plus #dg ( ! excess ov] #bj1jjj1jjj4 ,ov] #ajj1jjj1jjj b n ov] #a1jjj1jjj1jjjdf1eii1jfd4ej1 plus #dh ( ! excess ov] #ajj1jjj1jjj4 ,ov] #a1jjj1jjj1jjjdgh1eii1jfd4ej1 plus #di ( ! excess ov] #a1jjj1jjj1jjj4 7#c7 ,unm>ri$ individuals 7o!r ?an surviv+ sp\ses & heads ( h\seholds7 ,! table conta9$ 9 subsection 7c7 ( section #a ( su* ,code is am5d$ to read z foll[s3 ,if taxable income is3,! tax is3 ,n ov] #h1ibeaj ( taxable income ,ov] #h1ibe b n ov] #cf1bejhib4ej1 plus #ae ( ! excess ov] #h1ibe4 ,ov] #cf1bej b n ov] #hg1hejd1iia4be1 plus #be ( ! excess ov] #cf1bej4 ,ov] #hg1hej b n ov] #ahc1bejag1hia4be1 plus #bh ( ! excess ov] #hg1hej4 ,ov] #ahc1bej b n ov] #cih1cejdd1fjc4be1 plus #cc ( ! excess ov] #ahc1bej4 ,ov] #cih1cej b n ov] #djj1jjjaae1ehf4be1 plus #ce ( ! excess ov] #cih1cej4 ,ov] #djj1jjj b n ov] #a1jjj1jjjaaf1afc4ge1 plus #ci4f ( ! excess ov] #djj1jjj4 ,ov] #a1jjj1jjj b n ov] #aj1jjj1jjjcec1gfc4ge1 plus #de ( ! excess ov] #a1jjj1jjj4 ,ov] #aj1jjj1jjj b n ov] #bj1jjj1jjjd1djc1gfc4ge1 plus #df ( ! excess ov] #aj1jjj1jjj4 ,ov] #bj1jjj1jjj b n ov] #ajj1jjj1jjji1jjc1gfc4ge1 plus #dg ( ! excess ov] #bj1jjj1jjj4 ,ov] #ajj1jjj1jjj b n ov] #a1jjj1jjj1jjjdf1fjc1gfc4ge1 plus #dh ( ! excess ov] #ajj1jjj1jjj4 ,ov] #a1jjj1jjj1jjjdgh1fjc1gfc4ge1 plus #di ( ! excess ov] #a1jjj1jjj1jjj4 7#d7 ,m>ri$ individuals fil+ sep>ate returns ,! table conta9$ 9 subsection 7d7 ( section #a ( su* ,code is am5d$ to read z foll[s3 ,if taxable income is3,! tax is3 ,n ov] #h1ibeaj ( taxable income ,ov] #h1ibe b n ov] #cf1bejhib4ej1 plus #ae ( ! excess ov] #h1ibe4 ,ov] #cf1bej b n ov] #gc1bjjd1iia4be1 plus #be ( ! excess ov] #cf1bej4 ,ov] #gc1bjj b n ov] #aaa1ebead1bbh4ge1 plus #bh ( ! excess ov] #gc1bjj4 ,ov] #aaa1ebe b n ov] #aii1agebd1iei4ge1 plus #cc ( ! excess ov] #aaa1ebe4 ,ov] #aii1age b n ov] #bbe1jjjec1hhd4be1 plus #ce ( ! excess ov] #aii1age ,ov] #bbe1jjj b n ov] #ejj1jjj #fb1ibc1 plus #ci4f ( ! excess ov] #bbe1jjj4 ,ov] #ejj1jjj b n ov] #e1jjj1jjjaga1hbc1 plus #de ( ! excess ov] #ejj1jjj4 ,ov] #e1jjj1jjj b n ov] #aj1jjj1jjjb1aif1hbc1 plus #df ( ! excess ov] #e1jjj1jjj4 ,ov] #aj1jjj1jjj b n ov] #ej1jjj1jjjd1dif1hbc1 plus #dg ( ! excess ov] #aj1jjj1jjj4 ,ov] #ej1jjj1jjj b n ov] #ejj1jjj1jjjbc1bif1hbc1 plus #dh ( ! excess ov] #ej1jjj1jjj4 ,ov] #ejj1jjj1jjjbci1bif1hbc1 plus #di ( ! excess ov] #ejj1jjj1jjj4 7#e7 ,inflation adju/m5t ,subsection 7f7 ( section #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#i7 ,special rule = taxable ye>s beg9n+ aft] #bjac ,9 prescrib+ ! tables "u p>agraph 7#a7 :i* apply ) respect to taxable ye>s beg9n+ 9 a cal5d> ye> aft] #bjac1 ! co/-(-liv+ adju/m5t "u p>agraph 7#c7 %all be det]m9$ by sub/itut+ #bjab = #aiib 9 subp>agraph 7,b7 !re(4 4 7#f7 ,con=m+ am5dm5t ,section #a ( su* ,code is am5d$ by /rik+ subsection 7i74 7b7 ,recapture ( l[] capital ga9s rates = individuals subject to add$ rate brackets 7#a7 ,9 g5]al ,section #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7j7 ,special rule = capital ga9s 9 case ( taxable income subject to at lea/ #de-,p]c5t rate bracket ,if = ! taxable ye> a taxpay] has taxable income 9 excess ( ! m9imum doll> am\nt = ! #de-p]c5t rate bracket & has a net capital ga91 !n-- 7#a7 ! tax impos$ by ?is section = ! taxable ye> ) respect to su* excess %all be det]m9$ )\t reg>d to subsection 7h71 & 7#b7 ! am\nt ( net capital ga9 ( ! taxpay] tak5 into acc\nt = ! taxable ye> "u subsection 7h7 %all be r$uc$ by ! less] (-- 7,a7 su* excess1 or 7,b7 ! net capital ga9 = ! taxable ye>4 ,any r$uction 9 net capital ga9 "u ! prec$+ s5t5ce %all be allocat$ betwe5 adju/$ net capital ga91 unrecaptur$ #abej ga91 & section #abjb ga9 9 am\nts proportionate to ! am\nts ( ea* su* ga94 ,any t]m us$ 9 ?is subsection :i* is also us$ 9 subsection 7h7 %all h ! mean+ giv5 su* t]m 9 subsection 7h74 4 7#b7 ,con=m+ am5dm5t ,p>agraph 7#a7 ( section #a7;h7 ( su* ,code is am5d$ by /rik+ ,if a taxpay] has & ins]t+ ,except to ! ext5t provid$ 9 subsection 7j71 if a taxpay] has4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjab4