[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2842 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2842

   To amend the Internal Revenue Code of 1986 to simplify individual 
                           income tax rates.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 18, 2015

 Mr. Williams introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to simplify individual 
                           income tax rates.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Individual Rate Simplification Act 
of 2015''.

SEC. 2. SIMPLIFIED INDIVIDUAL INCOME TAX RATES.

    (a) In General.--Section 1(i) of the Internal Revenue Code of 1986 
is amended by striking paragraphs (2) and (3), by redesignating 
paragraph (4) as paragraph (3), and by inserting after paragraph (1) 
the following new paragraph:
            ``(2) 20- and 30-percent rate brackets.--
                    ``(A) In general.--In the case of taxable years 
                beginning after December 31, 2015, the rate of tax 
                under subsections (a), (b), (c), and (d) on taxable 
                income which would (without regard to this paragraph) 
                be taxed at a rate over 15 percent shall be--
                            ``(i) 20 percent on taxable income not over 
                        $1,000,000, and
                            ``(ii) 30 percent on taxable income over 
                        $1,000,000.
                    ``(B) Inflation adjustment.--In prescribing the 
                tables under subsection (f) which apply with respect to 
                taxable years beginning after 2016, the $1,000,000 
                amount in subparagraph (A) shall be increased by an 
                amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under subsection (f)(3) for the 
                        calendar year in which the taxable year begins 
                        determined by substituting `calendar year 2015' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                If any adjustment under the preceding sentence is not a 
                multiple of $100, such amount shall be rounded to the 
                next lowest multiple of $100.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2015.
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