,i #aae? ,,congress #a/ ,session ,h4 ,r4 #fcf ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #bd1 #bjag,ms4 ,s*ak[sky 7= h]self1 ,mr4 ,nadl]1 ,mr4 ,grijalva1 ,ms4 ,norton1 ,ms4 ,de,lauro1 ,ms4 ,lee1 ,mr4 ,cumm+s1 ,mr4 ,ellison1 ,mr4 ,s]rano1 ,mr4 ,pocan1 ,mr4 ,coh51 & ,mr4 ,cony]s7 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 ( #bjag4 #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] #ah1fejaj ( taxable income4 ,ov] #ah1fej b n ov] #ge1ijja1hfe1 plus #ae ( ! excess ov] #ah1fej4 ,ov] #ge1ijj b n ov] #aec1ajjaj1deb4ej1 plus #be ( ! excess ov] #ge1ijj4 ,ov] #aec1ajj b n ov] #bcc1cejbi1geb4ej1 plus #bh ( ! excess ov] #aec1ajj4 ,ov] #bcc1cej b n ov] #daf1gjjeb1bbb4ej1 plus #cc ( ! excess ov] #bcc1cej4 ,ov] #daf1gjj b n ov] #dgj1gjjaab1gbh1 plus #ce ( ! excess ov] #daf1gjj4 ,ov] #dgj1gjj b n ov] #a1jjj1jjjaca1fbh1 plus #ci4f ( ! excess ov] #dgj1gjj4 ,ov] #a1jjj1jjj b n ov] #aj1jjj1jjjcda1bca1 plus #de ( ! excess ov] #a1jjj1jjj4 ,ov] #aj1jjj1jjj b n ov] #bj1jjj1jjjd1cia1bca1 plus #df ( ! excess ov] #aj1jjj1jjj4 ,ov] #bj1jjj1jjj b n ov] #ajj1jjj1jjjh1iia1bca1 plus #dg ( ! excess ov] #bj1jjj1jjj4 ,ov] #ajj1jjj1jjj b n ov] #a1jjj1jjj1jjjdf1eia1bca1 plus #dh ( ! excess ov] #ajj1jjj1jjj4 ,ov] #a1jjj1jjj1jjjdgh1cia1bca1 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] #ac1cejaj ( taxable income4 ,ov] #ac1cej b n ov] #ej1hjj #a1cce1 plus #ae ( ! excess ov] #ac1cej4 ,ov] #ej1hjj b n ov] #aca1bjjf1ieb4ej1 plus #be ( ! excess ov] #ej1hjj4 ,ov] #aca1bjj b n ov] #bab1ejjbg1jeb4ej1 plus #bh ( ! excess ov] #aca1bjj4 ,ov] #bab1ejj b n ov] #daf1gjjdi1haf4ej1 plus #cc ( ! excess ov] #bab1ejj4 ,ov] #daf1gjj b n ov] #ddd1eejaag1bjb4ej1 plus #ce ( ! excess ov] #daf1gjj4 ,ov] #ddd1eej b n ov] #a1jjj1jjjabf1iej1 plus #ci4f ( ! excess ov] #ddd1eej4 ,ov] #a1jjj1jjj b n ov] #aj1jjj1jjjcdf1ijh1 plus #de ( ! excess ov] #a1jjj1jjj4 ,ov] #aj1jjj1jjj b n ov] #bj1jjj1jjjd1cif1ijh1 plus #df ( ! excess ov] #aj1jjj1jjj4 ,ov] #bj1jjj1jjj b n ov] #ajj1jjj1jjjh1iif1ijh1 plus #dg ( ! excess ov] #bj1jjj1jjj4 ,ov] #ajj1jjj1jjj b n ov] #a1jjj1jjj1jjjdf1eif1ijh1 plus #dh ( ! excess ov] #ajj1jjj1jjj4 ,ov] #a1jjj1jjj1jjjdgh1eif1ijh1 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] #i1cbeaj ( taxable income4 ,ov] #i1cbe b n ov] #cg1iejicb4ej1 plus #ae ( ! excess ov] #i1cbe4 ,ov] #cg1iej b n ov] #ia1ijje1bbf4be1 plus #be ( ! excess ov] #cg1iej4 ,ov] #ia1ijj b n ov] #aia1fejah1gac4ge1 plus #bh ( ! excess ov] #ia1ijj4 ,ov] #aia1fej b n ov] #daf1gjjdf1fdc4ge1 plus #cc ( ! excess ov] #aia1fej4 ,ov] #daf1gjj b n ov] #dah1djjabj1iaj4be1 plus #ce ( ! excess ov] #daf1gjj4 ,ov] #dah1djj b n ov] #a1jjj1jjjaba1eje4be1 plus #ci4f ( ! excess ov] #dah1djj4 ,ov] #a1jjj1jjj b n ov] #aj1jjj1jjjcea1hai1 plus #de ( ! excess ov] #a1jjj1jjj4 ,ov] #aj1jjj1jjj b n ov] #bj1jjj1jjjd1dja1hai1 plus #df ( ! excess ov] #aj1jjj1jjj4 ,ov] #bj1jjj1jjj b n ov] #ajj1jjj1jjji1jja1hai1 plus #dg ( ! excess ov] #bj1jjj1jjj4 ,ov] #ajj1jjj1jjj b n ov] #a1jjj1jjj1jjjdf1fja1hai1 plus #dh ( ! excess ov] #ajj1jjj1jjj4 ,ov] #a1jjj1jjj1jjjdgh1fja1hai1 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] #i1cbeaj ( taxable income4 ,ov] #i1cbe b n ov] #cg1iejicb4ej1 plus #ae ( ! excess ov] #i1cbe4 ,ov] #cg1iej b n ov] #gf1eeje1bbf4be1 plus #be ( ! excess ov] #cg1iej4 ,ov] #gf1eej b n ov] #aaf1fgead1hgf4ge1 plus #bh ( ! excess ov] #gf1eej4 ,ov] #aaf1fge b n ov] #bjh1cejbf1aaa4be1 plus #cc ( ! excess ov] #aaf1fge4 ,ov] #bjh1cej b n ov] #bce1cejef1cfd1 plus #ce ( ! excess ov] #bjh1cej ,ov] #bce1cej b n ov] #ejj1jjj #fe1had1 plus #ci4f ( ! excess ov] #bce1cej4 ,ov] #ejj1jjj b n ov] #e1jjj1jjjagj1fae1 plus #de ( ! excess ov] #ejj1jjj4 ,ov] #e1jjj1jjj b n ov] #aj1jjj1jjjb1aie1fae1 plus #df ( ! excess ov] #e1jjj1jjj4 ,ov] #aj1jjj1jjj b n ov] #ej1jjj1jjjd1die1fae1 plus #dg ( ! excess ov] #aj1jjj1jjj4 ,ov] #ej1jjj1jjj b n ov] #ejj1jjj1jjjbc1bie1fae1 plus #dh ( ! excess ov] #ej1jjj1jjj4 ,ov] #ejj1jjj1jjjbci1bie1fae1 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] #bjag ,9 prescrib+ ! tables "u p>agraph 7#a7 :i* apply ) respect to taxable ye>s beg9n+ 9 a cal5d> ye> aft] #bjag1 ! co/-(-liv+ adju/m5t "u p>agraph 7#c7 %all be det]m9$ by sub/itut+ #bjaf = #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 #bjaf4