[Congressional Record Volume 171, Number 112 (Saturday, June 28, 2025)]
[Senate]
[Page S3971]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2377. Mr. KAINE submitted an amendment intended to be proposed by 
him to the bill H.R. 1, to provide for reconciliation pursuant to title 
II of H. Con. Res. 14; which was ordered to lie on the table; as 
follows:

       Strike subtitle A of title I.
       Strike chapter 1 of subtitle B of title VII.
       Strike section 70106 and insert the following:

     SEC. 70106. MODIFICATIONS TO INCOME TAX RATES.

       (a) 39.6 Percent Rate Bracket.--Section 1(j)(2) is amended 
     by redesignating subparagraph (F) as subparagraph (G) and by 
     inserting after subparagraph (E) the following new 
     subparagraph:
       ``(F) 39.6 percent rate bracket.--Notwithstanding 
     subparagraphs (A) through (E), in prescribing the tables 
     under this subsection for purposes of paragraph (3)(B)--
       ``(i) the excess of taxable income over $1,000,000 
     ($500,000, in the case of married individuals filing separate 
     returns), if any, shall be taxed at a rate of 39.6 percent, 
     and
       ``(ii) paragraph (3)(B)(i) shall be applied with respect to 
     such $1,000,000 and $500,000 amounts by substituting `2024' 
     for `2017'.''.
       (b) Adjustment to Corporate Tax Rate.--Section 11(b) is 
     amended by striking ``21 percent'' and inserting ``25 
     percent''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2025.
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