,,ii  #aai? ,,congress  #b;d ,session   
,s4 #djhc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ab1 #bjbf,mr4    
,van ,holl5 7= himself1 ,mr4 ,kelly1    
,mrs4 ,gillibr&1 ,mr4 ,book]1 ,mr4 ,kim1
 ,mr4 ,durb91 ,mr4 ,s&]s1 ,mr4 ,m]kley1 
,mr4 ,coons1 ,mr4 ,blum5?al1 ,mr4       
,s*atz1 ,ms4 ,baldw91 ,ms4 ,hirono1 ,mr4
 ,he9ri*1 ,mr4 ,k+1 ,mr4 ,m>key1 ,mr4   
,wel*1 ,mr4 ,s*iff1 & ,ms4 ,blunt       
,ro*e/]7 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to make c]ta9     
modifications 9 relation to ! taxation (
 income requir$ to fund basic liv+      
exp5ses1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,work+  
,am]icans' ,tax ,cut ,act4  #b4         
,alt]native maximum tax = l[-income     
individuals  7a7 ,9 g5]al ,"p ,i (      
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #a ! foll[+ new section3  
#a;,a4 ,alt]native maximum tax = l[- &  

middle-income individuals  7a7 ,9 g5]al 
,9 ! case ( a qualifi$ individual1 ! tax
 impos$ "u section #a = any taxable ye> 
%all n exce$ #be4e p]c5t ( ! excess (-- 
7#a7 ! taxpay]'s modifi$ adju/$ gross   
income = su* taxable ye>1 ov]  7#b7 !   
co/-(-liv+ exemption = su* taxable ye>4 
7b7 ,qualifi$ individual  7#a7 ,9 g5]al 
,= purposes ( ?is section1 ! t]m        
qualifi$ individual means1 ) respect to 
any taxable ye>1 any individual if !    
taxpay]'s modifi$ adju/$ gross income = 
su* taxable ye> is less ?an #age p]c5t (
 ! co/-(-liv+ exemption = su* taxable   
ye>4  7#b7 ,exception ,! t]m qualifi$   
individual %all n include any p]son     
describ$ 9 section #fc7;c77#f74  7c7    
,co/-(-,liv+ exemption ,= purposes ( ?is
 section--  7#a7  ,9 g5]al  ,! t]m      
co/-(-liv+ exemption means1 ) respect to
 any taxable ye>--  7,a7 9 ! case ( a   
taxpay] n describ$ 9 subp>agraph 7,b7 or
 7,c71 #ajj p]c5t ( ! annualiz$         
co/-(-liv+ wage1  7,b7 9 ! case ( a jo9t
 return1 #bjj p]c5t ( ! annualiz$       

co/-(-liv+ wage1 &  7,c7 9 ! case ( a   
head ( h\sehold1 #adj p]c5t ( !         
annualiz$ co/-(-liv+ wage4  7#b7        
,annualiz$ co/ ( liv+ wage  7,a7  ,9    
g5]al  ,! t]m annualiz$ co/-(-liv+ wage 
means1 ) respect to any taxable ye>1 an 
am\nt equal to #df1jjj1 multipli$ by !  
ratio (--  7i7 ! ,,cpi-,u = ! cal5d> ye>
 prec$+ ! cal5d> ye> 9 :i* su* taxable  
ye> beg9s1 to  7ii7 ! ,,cpi-,u = !      
cal5d> ye> prec$+ ! cal5d> ye> ( ! date 
( enactm5t ( ! ,work+ ,am]icans' ,tax   
,cut ,act4  7,b7  ,,cpi-,u  ,= purposes 
( ?is p>agraph1 ! t]m ,,cpi-,u means1 :5
 us$ ) respect to a cal5d> ye>1 !       
,consum] ,price ,index = all urban      
consum]s1 z publi%$ by ! ,bureau (      
,labor ,/ati/ics1 = ,septemb] ( su* ye>4
  7d7 ,modifi$ adju/$ gross income ,=   
purposes ( ?is section1 ! t]m modifi$   
adju/$ gross income means adju/$ gross  
income increas$ by-- 7#a7 any am\nt     
exclud$ f gross income "u section #iaa1 
#ica1 or #icc1 &  7#b7 an am\nt equal to
 ! portion ( ! taxpay]'s social security

 b5efits 7z def9$ 9 section #hf7;d77 :i*
 is n includ$ 9 gross income "u section 
#hf = ! taxable ye>4  4  7b7 ,cl]ical   
am5dm5t ,! table ( sections = "p ,i (   
sub*apt] ,a ( *apt] #a ( su* ,code is   
am5d$ by ins]t+ aft] ! item relat+ to   
section #a ! foll[+ new item3  ,sec4    
#a;,a4 ,alt]native maximum tax = l[- &  
middle-income individuals4  4  7c7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjbe4  #c4   
,sur*>ge on high income individuals  7a7
 ,9 g5]al ,sub*apt] ,a ( *apt] #a ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new "p3       
,,viii ,sur*>ge on high income          
individuals  ,sec4 #ei;,b4 ,sur*>ge on  
high income individuals4  #ei;,b4       
,sur*>ge on high income individuals  7a7
 ,g5]al rule ,9 ! case ( a taxpay] o!r  
?an a corporation1 !re is h]eby impos$  
79 addition to any o!r tax impos$ by ?is
 subtitle7 a tax equal to ! sum (--     
7#a7 #e p]c5t ( s mu* ( ! modifi$ adju/$

 gross income ( ! taxpay] z exce$s      
#a1jjj1jjj1 b does n exce$ #b1jjj1jjj1  
7#b7 #aj p]c5t ( s mu* ( ! modifi$      
adju/$ gross income ( ! taxpay] z exce$s
 #b1jjj1jjj1 b does n exce$ #e1jjj1jjj1 
plus  7#c7 #ab p]c5t ( s mu* ( ! modifi$
 adju/$ gross income ( ! taxpay] z      
exce$s #e1jjj1jjj4  7b7  ,inflation     
adju/m5t  7#a7  ,9 g5]al  ,9 ! case (   
any taxable ye> beg9n+ aft] #bjbf1      
subsection 7a7 %all be appli$ by        
sub/itut+ ea* doll> am\nt 9 su*         
subsection ) an am\nt equal to ! product
 (--  7,a7 su* doll> am\nt 7z det]m9$   
)\t reg>d to ?is subsection71 multipli$ 
by  7,b7 an am\nt equal to ! ratio (--  
7i7 ! ,,cpi-,u = ! cal5d> ye> prec$+ !  
cal5d> ye> 9 :i* su* taxable ye> beg9s1 
to  7ii7 ! ,,cpi-,u = ! cal5d> ye>      
prec$+ ! cal5d> ye> ( ! date ( enactm5t 
( ! ,work+ ,am]icans' ,tax ,cut ,act4   
7#b7  ,,cpi-,u  ,= purposes ( ?is       
subsection1 ! t]m ,,cpi-,u means1 :5 us$
 ) respect to a cal5d> ye>1 ! ,consum]  
,price ,index = all urban consum]s1 z   

publi%$ by ! ,bureau ( ,labor ,/ati/ics1
 = ,septemb] ( su* ye>4  7c7  ,taxpay]s 
mak+ a jo9t return  ,9 ! case ( any     
taxpay] fil+ a jo9t return "u section   
#fjac1 subsection 7a7 %all be appli$    
7aft] ! application ( subsection 7b77 by
 increas+ ea* ( ! doll> am\nts by an    
am\nt equal to #ej p]c5t ( su* doll>    
am\nt4  7d7  ,modifi$ adju/$ gross      
income  ,= purposes ( ?is section1 ! t]m
 modifi$ adju/$ gross income means      
adju/$ gross income r$uc$ by any        
d$uction 7n tak5 into acc\nt 9 det]m9+  
adju/$ gross income7 all[$ = inve/m5t   
int]e/ 7z def9$ 9 section #afc7;d774 ,9 
! case ( an e/ate or tru/1 adju/$ gross 
income %all be det]m9$ z provid$ 9      
section #fg7;e74  7e7  ,special rules   
7#a7  ,citiz5s & resid5ts liv+ abroad   
,! doll> am\nt 9 effect "u subsection   
7a7 7aft] ! application ( subsections   
7b7 & 7c77 %all be decreas$ by ! excess 
(--  7,a7 ! am\nts exclud$ f ! taxpay]'s
 gross income "u section #iaa1 ov]  7,b7
 ! am\nts ( any d$uctions or exclusions 

disall[$ "u section #iaa7;d77#f7 )      
respect to ! am\nts describ$ 9          
subp>agraph 7,a74  7#b7  ,*>itable tru/s
  ,subsection 7a7 %all n apply to a tru/
 all ! unexpir$ int]e/s 9 :i* are devot$
 to "o or m ( ! purposes describ$ 9     
section #agj7;c77#b77;,b74  7#c7  ,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$it "u ?is *apt] or = purposes (     
section #ee4  4  7b7 ,cl]ical am5dm5t ,!
 table ( p>ts = sub*apt] ,a ( *apt] #a (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by add+ at ! end ! foll[+ new     
item3  ,"p ,,viii--,sur*>ge on high     
income individuals  4  7c7 ,section #ae 
n ,to apply ,! am5dm5t made by          
subsection 7a7 %all n be treat$ z a     
*ange 9 a rate ( tax = purposes (       
section #ae ( ! ,int]nal ,rev5ue ,code (
 #aihf4  7d7 ,effective date ,! am5dm5ts
 made by ?is section %all apply to      
taxable ye>s beg9n+ aft] ,decemb] #ca1  

#bjbe4