,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bjfj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #bj1 #bjac ,mr4  
,van ,holl5 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,ways &    
,means1 & 9 addition to ! ,committees on
 ! ,budget & ,agriculture1 = a p]iod to 
be subsequ5tly det]m9$ by ! ,speak]1 9  
ea* case = consid]ation ( su* provisions
 z fall )9 ! jurisdiction ( ! committee 
conc]n$  ,a ,,bill  ,to am5d ! ,balanc$ 
,budget & ,em]g5cy ,deficit ,control    
,act ( #aihe to re/ore = ! rema9d] (    
fiscal ye> #bjac budget>y res\rces      
seque/]$ on ,m>* #a1 #bjac1 = t fiscal  
ye>1 & = o!r purposes4  #a4 ,%ort title 
,?is ,act may be cit$ z ! ,/op !        
,seque/] ,job ,loss ,n[ ,act ,?r\gh     
#bjad4  #b4 ,table ( cont5ts  ,sec4 #a4 
,%ort title4 ,sec4 #b4 ,table ( cont5ts4
 ,title ,i--,,budget ,,process          
,,am5dm5ts ,sec4 #aja4 ,repeal ! #bjac &
 #bjad seque/]s4 ,sec4 #ajb4 ,r$uction (
 ,def5se ,discretion>y ,limits4 ,sec4   
#ajc4 ,protect+ vet]ans programs f      

seque/]4 ,title ,,ii--,,agricultural    
,,sav+s ,sec4 #bja4 ,"o-ye> ext5sion (  
agricultural commodity programs1 except 
direct paym5t programs4 ,title          
,,iii--,,oil ,,& ,,gas ,,subsidies ,sec4
 #cja4 ,prohibition on us+ la/-91       
fir/-out acc\nt+ = major integrat$ oil  
companies4 ,sec4 #cjb4 ,d$uction =      
income attributable to dome/ic          
production activities n all[$ ) respect 
to oil & gas activities ( major         
integrat$ oil companies4 ,sec4 #cjc4    
,limitation on d$uction = intangible    
drill+ & developm5t co/s ( major        
integrat$ oil companies4 ,title         
,,iv--,,! ,,buffett ,,rule ,sec4 #dja4  
,fair %>e tax on high-income taxpay]s4  
,title ,v--,,s5se ,,( ,,! ,,h\se ,sec4  
#eja4 ,s5se ( ! ,h\se on ! ne$ = a fair1
 balanc$ & bip>tisan approa* to long-t]m
 deficit r$uction4  ,i ,,budget         
,,process ,,am5dm5ts  #aja4 ,repeal !   
#bjac & #bjad seque/]s  7a7 ,calculation
 ( total deficit r$uction & allocation  
to functions  7#a7 ,section #bea;,a7#c7 

( ! ,balanc$ ,budget & ,em]g5cy ,deficit
 ,control ,act ( #aihe 7#b ,u4,s4,c4    
#ija;a7 is am5d$ by /rik+ #bjac & ins]t+
 #bjae4  7#b7 ,p>agraph 7#d7 ( su*      
section is am5d$ by /rik+ #bjad & ins]t+
 #bjae4  7#c7 ,p>agraphs 7#e7 & 7#f7 (  
su* section are am5d$ by /rik+ #bjac &  
ins]t+ #bjae4  7b7 ,def5se & nondef5se  
function r$uctions ,p>agraphs 7#e7 &    
7#f7 ( section #bea;,a ( ! ,balanc$     
,budget & ,em]g5cy ,deficit ,control    
,act ( #aihe are am5d$ by /rik+ #bjac & 
ins]t+ #bjae ea* place x appe>s4  7c7   
,implem5t+ discretion>y r$uctions       
,section #bea;,a7#g77;,b7 ( su* ,act is 
am5d$ by /rik+ #bjad & ins]t+ #bjae ea* 
place x appe>s4  7d7 ,re/oration (      
,seque/]$ ,funds ,not)/&+ ! ,presid5tial
 seque/ration ord] = fiscal ye> #bjac   
issu$ "u section #bea;,a ( ! ,balanc$   
,budget & ,em]g5cy ,deficit ,act (      
#aihe1 on & aft] ! date ( ! enactm5t (  
?is ,act1 ! budget>y res\rces seque/]$  
"u su* ord] %all be available =         
obligation = ! same purpose1 9 ! same   

am\nt z o!rwise w\ld h be5 available = !
 p]iod beg9n+ on ! date ( enactm5t ( ?is
 ,act & be=e ,octob] #a1 #bjac1 & 9 !   
same mann] z if su* ord] _h n be5 issu$4
  7e7 ,con=m+ *ange ,^u ! date (        
enactm5t ( ?is ,act1 ! report entitl$   
,,omb ,seque/ration ,preview ,report to 
! ,presid5t & ,congress = ,fiscal ,ye>  
#bjad & ,,omb ,report to ! ,congress on 
! ,jo9t ,committee ,r$uctions = ,fiscal 
,ye> #bjad1 issu$ on ,april #aj1 #bjac1 
& correct$ on ,may #bj1 #bjac1 %all h no
 =ce or effect4  #ajb4 ,r$uction (      
,def5se ,discretion>y ,limits ,!        
discretion>y limits set =? 9 section    
#bea7;c7 ( ! ,balanc$ ,budget & ,em]g5cy
 ,deficit ,control ,act ( #aihe = !     
security category = fiscal ye>s #bjag   
?r\gh #bjba are replac$ ) ! foll[+      
limits3 = fiscal ye> #bjag1             
#ehf1jjj1jjj1jjj2 = fiscal ye> #bjah1   
#eie1jjj1jjj1jjj2 = fiscal ye> #bjai1   
#fjd1jjj1jjj1jjj2 = fiscal ye> #bjbj1   
#fad1jjj1jjj1jjj2 & = fiscal ye> #bjba1 
#fbd1jjj1jjj1jjj4  #ajc4 ,protect+      

vet]ans programs f seque/] ,section     
#bef7;e77#b77;,e7 ( ! ,balanc$ ,budget &
 ,em]g5cy ,deficit ,control ,act ( #aihe
 is repeal$4  ,,ii ,,agricultural       
,,sav+s  #bja4 ,"o-ye> ext5sion (       
agricultural commodity programs1 except 
direct paym5t programs  7a7 ,ext5sion   
,except z provid$ 9 subsection 7b7 &    
not)/&+ any o!r provision ( law1 !      
au?orities provid$ by ea* provision (   
title ,i ( ! ,food1 ,cons]vation1 &     
,en]gy ,act ( #bjjh 7,public ,law       
#aaj-bdf2 #abb ,/at4 #afea7 & ea*       
am5dm5t made by t title 7& = m&atory    
programs at su* fund+ levels71 z 9      
effect on ,septemb] #cj1 #bjac1 %all    
cont9ue1 & ! ,secret>y ( ,agriculture   
%all c>ry out ! au?orities1 until       
,septemb] #cj1 #bjad4  7b7 ,t]m9ation ( 
direct paym5t programs  7#a7 ,cov]$     
commodities ,! ext5sion provid$ by      
subsection 7a7 %all n apply ) respect to
 ! direct paym5t program "u section     
#aajc ( ! ,food1 ,cons]vation1 & ,en]gy 
,act ( #bjjh 7#g ,u4,s4,c4 #hgac74  7#b7

 ,peanuts ,! ext5sion provid$ by        
subsection 7a7 %all n apply ) respect to
 ! direct paym5t program "u section     
#acjc ( ! ,food1 ,cons]vation1 & ,en]gy 
,act ( #bjjh 7#g ,u4,s4,c4 #giec74  7c7 
,effective date ,?is section %all take  
effect on ! e>li] (--  7#a7 ! date ( !  
enactm5t ( ?is ,act2 &  7#b7 ,septemb]  
#cj1 #bjac4  ,,iii ,,oil ,,& ,,gas      
,,subsidies  #cja4 ,prohibition on us+  
la/-91 fir/-out acc\nt+ = major         
integrat$ oil companies  7a7 ,9 g5]al   
,section #dgb ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    
foll[+ new subsection3  7h7 ,major      
integrat$ oil companies ,not)/&+ any o!r
 provision ( ?is section1 a major       
integrat$ oil company 7z def9$ 9 section
 #afg7;h77#e77;,b77 may n use ! me?od   
provid$ 9 subsection 7b7 9 inv5tory+ (  
any goods4  4  7b7 ,effective date &    
special rule  7#a7 ,9 g5]al ,! am5dm5t  
made by subsection 7a7 %all apply to    
taxable ye>s beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act4  7#b7 ,*ange 9     

me?od ( acc\nt+ ,9 ! case ( any taxpay] 
requir$ by ! am5dm5t made by ?is section
 to *ange its me?od ( acc\nt+ = its fir/
 taxable ye> beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act--  7,a7 su* *ange   
%all be treat$ z initiat$ by ! taxpay]1 
7,b7 su* *ange %all be treat$ z made ) !
 cons5t ( ! ,secret>y ( ! ,treasury1 &  
7,c7 ! net am\nt ( ! adju/m5ts requir$  
to be tak5 into acc\nt by ! taxpay] "u  
section #dha ( ! ,int]nal ,rev5ue ,code 
( #aihf %all be tak5 into acc\nt ratably
 ov] a p]iod 7n great] ?an #h taxable   
ye>s7 beg9n+ ) su* fir/ taxable ye>4    
#cjb4 ,d$uction = income attributable to
 dome/ic production activities n all[$ )
 respect to oil & gas activities ( major
 integrat$ oil companies  7a7 ,9 g5]al  
,subp>agraph 7,a7 ( section #aii7;d77#i7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by ins]t+ 7#i p]c5t 9 ! case ( any
 major integrat$ oil company 7z def9$ 9 
section #afg7;h77#e77;,b777 aft] #c     
p]c5t4  7b7 ,effective date ,! am5dm5t  
made by subsection 7a7 %all apply to    

taxable ye>s beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act4  #cjc4 ,limitation 
on d$uction = intangible drill+ &       
developm5t co/s ( major integrat$ oil   
companies  7a7 ,9 g5]al ,section        
#bfc7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new s5t5ce3 ,?is subsection %all n     
apply to am\nts paid or incurr$ by a    
taxpay] 9 any taxable ye> 9 :i* su*     
taxpay] is a major integrat$ oil company
 7z def9$ 9 section #afg7;h77#e77;,b7744
  7b7 ,effective date ,! am5dm5t made by
 ?is section %all apply to am\nts paid  
or incurr$ 9 taxable ye>s beg9n+ aft] ! 
date ( ! enactm5t ( ?is ,act4  ,,iv ,,! 
,,buffett ,,rule  #dja4 ,fair %>e tax on
 high-income taxpay]s  7a7 ,9 g5]al     
,sub*apt] ,a ( *apt] #a ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new "p3  ,,vii ,,fair 
,,%>e ,,tax ,,on ,,high-,,income        
,,taxpay]s  #ei;,b4 ,fair %>e tax  7a7  
,g5]al rule  7#a7 ,phase-9 ( tax ,9 !   
case ( any high-income taxpay]1 !re is  

h]eby impos$ = a taxable ye> 79 addition
 to any o!r tax impos$ by ?is subtitle7 
a tax equal to ! product (--  7,a7 !    
am\nt det]m9$ "u p>agraph 7#b71 &  7,b7 
a fraction 7n to exce$ #a7--  7i7 !     
num]ator ( :i* is ! excess (--  7,i7 !  
taxpay]'s adju/$ gross income1 ov]      
7,,ii7 ! doll> am\nt 9 effect "u        
subsection 7c77#a71 &  7ii7 ! d5om9ator 
( :i* is ! doll> am\nt 9 effect "u      
subsection 7c77#a74  7#b7 ,am\nt ( tax  
,! am\nt ( tax det]m9$ "u ?is p>agraph  
is an am\nt equal to ! excess 7if any7  
(--  7,a7 ! t5tative fair %>e tax = !   
taxable ye>1 ov]  7,b7 ! excess (--  7i7
 ! sum (--  7,i7 ! regul> tax liability 
7z def9$ 9 section #bf7;b77 = ! taxable 
ye>1  7,,ii7 ! tax impos$ by section #ee
 = ! taxable ye>1 plus  7,,iii7 !       
payroll tax = ! taxable ye>1 ov]  7ii7 !
 cr$its all[able "u "p ,,iv ( sub*apt]  
,a 7o!r ?an sections #bg7;a71 #ca1 &    
#cd74  7b7 ,t5tative fair %>e tax ,=    
purposes ( ?is section--  7#a7 ,9 g5]al 
,! t5tative fair %>e tax = ! taxable ye>

 is #cj p]c5t ( ! excess (--  7,a7 !    
adju/$ gross income ( ! taxpay]1 ov]    
7,b7 ! modifi$ *>itable contribution    
d$uction = ! taxable ye>4  7#b7 ,modifi$
 *>itable contribution d$uction ,=      
purposes ( p>agraph 7#a7--  7,a7 ,9     
g5]al ,! modifi$ *>itable contribution  
d$uction = any taxable ye> is an am\nt  
equal to ! am\nt :i* be>s ! same ratio  
to ! d$uction all[able "u section #agj  
7section #fdb7;c7 9 ! case ( a tru/ or  
e/ate7 = su* taxable ye> z--  7i7 !     
am\nt ( itemiz$ d$uctions all[able "u ! 
regul> tax 7z def9$ 9 section #ee7 = su*
 taxable ye>1 det]m9$ aft] ! application
 ( section #fh1 be>s to  7ii7 su* am\nt1
 det]m9$ be=e ! application ( section   
#fh4  7,b7 ,taxpay] mu/ itemize ,9 !    
case ( any individual :o does n elect to
 itemize d$uctions = ! taxable ye>1 !   
modifi$ *>itable contribution d$uction  
%all be z]o4  7c7 ,high-,income taxpay] 
,= purposes ( ?is section--  7#a7 ,9    
g5]al ,! t]m high-income taxpay] means1 
) respect to any taxable ye>1 any       

taxpay] 7o!r ?an a corporation7 ) an    
adju/$ gross income = su* taxable ye> 9 
excess ( #a1jjj1jjj 7#ej p]c5t ( su*    
am\nt 9 ! case ( a m>ri$ individual :o  
files a sep>ate return74  7#b7          
,inflation adju/m5t  7,a7 ,9 g5]al ,9 ! 
case ( a taxable ye> beg9n+ aft] #bjad1 
! #a1jjj1jjj am\nt "u p>agraph 7#a7 %all
 be increas$ by an am\nt equal to--  7i7
 su* doll> am\nt1 multipli$ by  7ii7 !  
co/-(-liv+ adju/m5t det]m9$ "u section  
#a7;f77#c7 = ! cal5d> ye> 9 :i* !       
taxable ye> beg9s1 det]m9$ by sub/itut+ 
cal5d> ye> #bjac = cal5d> ye> #aiib 9   
subp>agraph 7,b7 !re(4  7,b7 ,r\nd+ ,if 
any am\nt z adju/$ "u subp>agraph 7,a7  
is n a multiple ( #aj1jjj1 su* am\nt    
%all be r\nd$ to ! next l[e/ multiple ( 
#aj1jjj4  7d7 ,payroll tax ,= purposes (
 ?is section1 ! payroll tax = any       
taxable ye> is an am\nt equal to !      
excess (--  7#a7 ! taxes impos$ on !    
taxpay] "u sections #adja1 #adaa1 #caja1
 #cbja1 & #cbaa7;a7 7to ! ext5t su*     
taxes are attributable to ! rate ( tax 9

 effect "u section #caja7 ) respect to  
su* taxable ye> or wages or comp5sation 
receiv$ dur+ ! taxable ye>1 ov]  7#b7 ! 
d$uction all[able "u section #afd7;f7 = 
su* taxable ye>4  7e7 ,special rule =   
e/ates & tru/s ,= purposes ( ?is        
section1 9 ! case ( an e/ate or tru/1   
adju/$ gross income %all be comput$ 9 ! 
mann] describ$ 9 section #fg7;e74  7f7  
,n treat$ z tax impos$ by ?is *apt] =   
c]ta9 purposes ,! tax impos$ "u ?is     
section %all n be treat$ z tax impos$ by
 ?is *apt] = purposes ( det]m9+ ! am\nt 
( any cr$it "u ?is *apt] 7o!r ?an !     
cr$it all[$ "u section #bg7;a77 or =    
purposes ( section #ee4  4  7b7 ,con=m+ 
am5dm5t ,section #bf7;b77#b7 ( su* ,code
 is am5d$ by r$esignat+ subp>agraphs    
7,c7 ?r\gh 7,x7 z subp>agraphs 7,d7     
?r\gh 7,y71 respectively1 & by ins]t+   
aft] subp>agraph 7,b7 ! foll[+ new      
subp>agraph3  7,c7 section #ei;,b       
7relat+ to fair %>e tax71  4  7c7       
,cl]ical am5dm5t ,! table ( p>ts =      
sub*apt] ,a ( *apt] #a ( su* ,code is   

am5d$ by add+ at ! end ! foll[+ new     
item3  ,"p ,,vii--,fair ,%>e ,tax on    
,high-,income ,taxpay]s  4  7d7         
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjac4  ,v    
,,s5se ,,( ,,! ,,h\se  #eja4 ,s5se ( !  
,h\se on ! ne$ = a fair1 balanc$ &      
bip>tisan approa* to long-t]m deficit   
r$uction  7a7 ,! ,h\se f9ds t--  7#a7 e 
bip>tisan commission has recomm5d$--& ! 
majority ( ,am]icans agree--t we %\ld   
take a balanc$1 bip>tisan approa* to    
r$uc+ ! deficit t addresses bo? rev5ue &
 sp5d+2 &  7#b7 seque/ration is a       
meat-ax approa* to deficit r$uction t   
imposes deep & m9dless cuts1 reg>dless (
 _! impact on vital s]vices & inve/m5ts4
  7b7 ,x is ! s5se ( ! ,h\se t !        
,congress %\ld replace ! entire #aj-ye> 
seque/] e/abli%$ by ! ,budget ,control  
,act ( #bjaa ) a balanc$ approa* t w\ld 
increase rev5ues )\t increas+ ! tax     
burd5 on middle-income ,am]icans1 &     
decrease long-t]m sp5d+ :ile ma9ta9+ !  

,m$ic>e gu>antee1 protect+ ,social      
,security & a /rong social safety net1 &
 mak+ /rategic inve/m5ts 9 education1   
sci5ce1 rese>*1 & critical infra/ructure
 necess>y to compete 9 ! global economy4