,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #fhdg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #be1         
#bjbb,mr4 ,mal9[ski 7= himself1 ,ms4    
,port]1 ,mr4 ,%]man1 ,ms4 ,e%oo1 ,mr4   
,ca/51 ,mr4 ,jones1 & ,mr4 ,lieu7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means1 & 9    
addition to ! ,committee on ,en]gy &    
,comm]ce1 = 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 ! ,int]nal ,rev5ue    
,code ( #aihf to modify ! limitation on 
! d$uction by individuals ( c]ta9 ,/ate 
& local taxes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,support+ ,am]icans
 ) ,l[] ,taxes ,act or z ! ,,salt ,act 4
  #b4 ,modification ( limitation on !   
d$uction by individuals ( c]ta9 ,/ate & 
local1 etc41 taxes  7a7 ,9 g5]al        
,section #afd7;b77#f7 is am5d$ to read z
 foll[s3  7#f7 ,limitation on d$uction  
by c]ta9 high-income individuals  7,a7  

,9 g5]al ,9 ! case ( a taxpay] ) adju/$ 
gross income :i* equals or exce$s       
#djj1jjj = any taxable ye>-- 7i7 =eign  
real prop]ty taxes %all n be tak5 into  
acc\nt "u subsection 7a77#a7 7or section
 #baf7;a77 = su* taxable ye>1 &  7ii7 ! 
aggregate am\nt ( taxes tak5 into acc\nt
 "u p>agraphs 7#a71 7#b71 & 7#c7 (      
subsection 7a7 & p>agraph 7#e7 ( ?is    
subsection 7& any tax describ$ 9 any su*
 p>agraph tak5 into acc\nt "u section   
#baf7;a77#a77 = su* taxable ye> %all n  
exce$ #fj1jjj4  7,b7 ,phas$[n (         
limitation bas$ on adju/$ gross income  
,! #fj1jjj am\nt 9 subp>agraph 7,a77ii7 
%all be r$uc$ 7b n bel[ z]o7 by ! doll> 
am\nt :i* be>s ! same ratio to #fj1jjj  
z-- 7i7 ! excess ( ! taxpay]'s adju/$   
gross income ov] #djj1jjj1 be>s to  7ii7
 #fjj1jjj4  7,c7 ,application re/rict$  
to c]ta9 taxpay]s & taxes  7i7          
,application to individuals ,subp>agraph
 7,a7 %all only apply to individuals1   
e/ates1 & tru/s4  7ii7 ,exclusion (     
c]ta9 bus9ess taxes ,subp>agraph 7,a7   

%all n apply to any =eign taxes describ$
 9 subsection 7a77#c7 or to any taxes   
describ$ 9 p>agraph 7#a7 & 7#b7 (       
subsection 7a7 :i* are paid or accru$ 9 
c>ry+ on a trade or bus9ess or an       
activity describ$ 9 section #bab4  7,d7 
,m>ri$ individuals fil+ a sep>ate return
 ,9 ! case ( a m>ri$ individual fil+ a  
sep>ate return1 subp>agraphs 7,a7 & 7,b7
 %all be appli$-- 7i7 by sub/itut+      
#bjj1jjj = #djj1jjj ea* place x appe>s1 
7ii7 by sub/itut+ #cj1jjj = #fj1jjj ea* 
place x appe>s1 &  7iii7 by sub/itut+   
#cjj1jjj = #fjj1jjj 9 subp>agraph       
7,b77ii74  7,e7 ,e/ates & tru/s ,9 !    
case ( an e/ate or tru/1 adju/$ gross   
income %all be det]m9$ z provid$ 9      
section #fg7;e74  7,f7 ,d5ial ( d$uction
 to billionaires ,unless ! taxpay] has  
less ?an #a1jjj1jjj1jjj 7#ejj1jjj1jjj 9 
! case ( a m>ri$ individual fil+ a      
sep>ate return7 9 assets z ( ! close ( !
 taxable ye> 7& atte/s to su* fact "u   
p5alty ( p]jury at su* "t & 9 su* mann] 
z ! ,secret>y may provide7-- 7i7        

subp>agraph 7,a7 %all be appli$-- 7,i7  
by sub/itut+ z]o = #djj1jjj1 &  7,,ii7  
by sub/itut+ z]o = #fj1jjj1 &  7ii7     
subp>agraphs 7,b7 & 7,d7 %all n apply4  
4  7b7 ,effective date ,! am5dm5t made  
by ?is section %all apply to taxable    
ye>s beg9n+ aft] ! date ( ! enactm5t (  
?is ,act4  #c4 ,m$ic>e vision & he>+    
tru/ fund  7a7 ,9 g5]al ,sub*apt] ,a (  
*apt] #ih ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #ieab4 ,m$ic>e ,vision & 
,he>+ ,tru/ ,fund  7a7 ,creation ( tru/ 
fund ,!re is e/abli%$ 9 ! ,treasury ( ! 
,unit$ ,/ates a tru/ fund to be kn[n z !
 ,m$ic>e ,vision & ,he>+ ,tru/ ,fund1   
consi/+ ( su* am\nts z may be           
appropriat$ or cr$it$ to su* fund z     
provid$ 9 ?is section or section        
#ifjb7;b74  7b7 ,transf]s to tru/ fund  
,!re are h]eby appropriat$ to ! ,m$ic>e 
,vision & ,he>+ ,tru/ ,fund am\nts      
equival5t to ! am\nts receiv$ 9 !       
,treasury by reason ( ! am5dm5t made by 
section #b ( ! ,,salt ,act4  7c7        

,exp5ditures ,am\nts 9 ! ,m$ic>e ,vision
 & ,he>+ ,tru/ ,fund %all be available1 
z provid$ 9 appropriation ,acts1 only = 
! purpose ( provid+ vision & he>+       
b5efits pursuant to ! ,m$ic>e program   
e/abli%$ "u title ,,xviii ( ! ,social   
,security ,act4  4  7b7 ,cl]ical am5dm5t
 ,! table ( sections = sub*apt] ,a (    
*apt] #ih ( su* ,code is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#ieab4 ,m$ic>e ,vision & ,he>+ ,tru/    
,fund4  4