This bill amends the Internal Revenue Code, with respect to several corporate and individual income tax policies, to:

• revise individual income tax rates to establish a 20% rate on taxable income of $1 million or less and a 30% rate on taxable income over $1 million, with an adjustment for inflation after 2016;
• revise the income tax rates on corporations to impose a single 20% rate on corporate taxable income;
• modify the formula for calculating the tax on the net capital gains of individual taxpayers to provide for a maximum 15% rate on the adjusted net capital gain of such taxpayers;
• reduce the tax rate on current and accumulated foreign earnings of U.S. corporations reinvested in the United States and make the lower rate permanent;
• increase the additional depreciation allowance (bonus depreciation) from 50% to 100% of the adjusted basis of qualifying business property and to make such increased allowance permanent;
• reduce Social Security and Medicare payroll taxes for employers, employees, and the self-employed; and
• repeal the federal estate, gift, and generation-skipping transfer taxes.