[Congressional Record Volume 171, Number 113 (Monday, June 30, 2025)]
[Senate]
[Page S4123]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2778. Mr. WYDEN 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:

       At the appropriate place, insert the following:

     SEC. _____. MODIFICATION OF RATE OF DEDUCTION FOR QUALIFIED 
                   BUSINESS INCOME.

       (a) In General.--Section 199A(a) is amended--
       (1) in paragraph (2), by redesignating subparagraphs (A) 
     and (B) as clauses (i) and (ii), respectively, and by moving 
     such clauses 2 ems to the right,
       (2) by redesignating paragraphs (1) and (2) (as so amended) 
     as subparagraphs (A) and (B), respectively, and by moving 
     such subparagraphs 2 ems to the right,
       (3) by striking ``Deduction.--In the case of'' and 
     inserting ``Deduction.--
       ``(1) In general.--In the case of'',
       (4) by striking ``20 percent'' in paragraph (1)(B), as so 
     redesignated, and inserting ``the deduction percentage'', and
       (5) by adding at the end the following new paragraph:
       ``(2) Deduction percentage.--For purposes of this section--
       ``(A) In general.--The deduction percentage is 30 percent--
       ``(i) reduced (but not below 20 percent) by 1 percentage 
     point for every $5,000 (or fraction thereof) by which the 
     taxpayer's adjusted gross income for the taxable year exceeds 
     $150,000, and
       ``(ii) further reduced by 1 percentage point for every 
     $250,000 (or fraction thereof) by which the taxpayer's 
     adjusted gross income for the taxable year exceeds 
     $50,000,000.
       ``(B) Married individuals filing separate returns.--In the 
     case of married individuals filing separate returns, 
     subparagraph (A) shall be applied--
       ``(i) by substituting `$2,500' for `$5,000' and `$75,000' 
     for `$150,000' in clause (i), and
       ``(ii) by substituting `$125,000' for `$250,000' and 
     `$25,000,000' for `$50,000,000' in clause (ii).
       ``(C) Adjustment for inflation.--In the case of a taxable 
     year beginning after 2026, each of the dollar amounts in 
     subparagraphs (A)(i) and (B)(i) shall be increased by an 
     amount equal to--
       ``(i) such dollar amount, multiplied by
       ``(ii) the cost-of-living adjustment determined under 
     section 1(f)(3) for the calendar year in which the taxable 
     year begins, determined by substituting `calendar year 2024' 
     for `calendar year 2016' in subparagraph (A)(ii) thereof.
     The amount of any increase under the preceding sentence shall 
     be rounded as provided in section 1(f)(7).''.
       (b) Combined Qualified Business Income Amount.--Section 
     199A(b)(1)(B) is amended by striking ``20 percent'' and 
     inserting ``the deduction percentage''.
       (c) Deductible Amount.--Section 199A(b)(2)(A) is amended by 
     striking ``20 percent'' and inserting ``the deduction 
     percentage''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2025.
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