II 

115TH CONGRESS 

1ST SESSION S. 1210 

To amend the Internal Revenue Code of 1986 to reduce tax rates across 

the board. 

IN THE SENATE OF THE UNITED STATES 

MAY 24, 2017 

Mr. ROUNDS (for himself and Mr. HOEVEN) introduced the following bill; 

which was read twice and referred to the Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to reduce 

tax rates across the board. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. REDUCTION IN TAX RATES. 

4 (a) INDIVIDUAL TAX RATES.— 

5 (1) IN GENERAL.— 

6 (A) REDUCTION IN RATE FOR INITIAL

7 BRACKET AMOUNT.—Clause (i) of section 

8 1(i)(1)(A) of the Internal Revenue Code of 

9 1986 is amended by inserting ‘‘(8 percent for 


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1 taxable years beginning after December 31, 

2 2017)’’ after ‘‘10 percent’’. 

3 (B) REDUCTION IN RATE FOR 15-, 25-, 

4 28-, AND 33-PERCENT RATE BRACKETS.—Para5 graph (2) of section 1(i) of such Code is 

6 amended to read as follows: 

7 ‘‘(2) REDUCTION IN RATES.—The tables under 

8 subsections (a), (b), (c), (d), and (e) shall be ap9 plied— 

10 ‘‘(A) by substituting ‘13%’ for ‘15%’ each 

11 place it appears, 

12 ‘‘(B) by substituting ‘23%’ for ‘28%’ each 

13 place it appears, 

14 ‘‘(C) by substituting ‘26%’ for ‘31%’ each 

15 place it appears, and 

16 ‘‘(D) by substituting ‘31%’ for ‘36%’ each 

17 place it appears.’’. 

18 (C) REDUCTION IN RATE FOR HIGHEST

19 RATE BRACKETS.—Subparagraph (A) of section 

20 1(i)(3) of such Code is amended— 

21 (i) by inserting ‘‘(33 percent for tax22 able years beginning after December 31, 

23 2017)’’ after ‘‘35 percent’’ in clause (i), 

24 and 


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1 (ii) by inserting ‘‘(37.6 percent for 

2 taxable years beginning after December 

3 31, 2017)’’ after ‘‘39.6 percent’’ in clause 

4 (ii). 

5 (D) CONFORMING AMENDMENTS.— 

6 (i) Subparagraph (B) of section 

7 1(g)(7) of the Internal Revenue Code of 

8 1986 is amended by striking ‘‘10 percent’’ 

9 and inserting ‘‘8 percent’’. 

10 (ii) Paragraph (1) of section 1(h) of 

11 such Code is amended— 

12 (I) by striking ‘‘25 percent’’ in 

13 subparagraph (A)(ii)(I) and inserting 

14 ‘‘23 percent’’, 

15 (II) by striking ‘‘25 percent’’ in 

16 subparagraph (B)(i) and inserting 

17 ‘‘23 percent’’, and 

18 (III) by striking ‘‘39.6 percent’’ 

19 in subparagraph (C)(ii)(I) and insert20 ing ‘‘37.6 percent’’. 

21 (iii) Section 3402(p)(2) of such Code 

22 is amended by striking ‘‘10 percent’’ and 

23 inserting ‘‘8 percent’’. 

24 (2) CAPITAL GAINS RATES.— 


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1 (A) IN GENERAL.—Paragraph (1) of sec2 tion 1(h) of the Internal Revenue Code of 1986 

3 is amended— 

4 (i) by striking ‘‘15 percent’’ in sub5 paragraph (C) and inserting ‘‘13 percent’’, 

6 (ii) by striking ‘‘20 percent’’ in sub7 paragraph (D) and inserting ‘‘18 percent’’, 

8 (iii) by striking ‘‘25 percent’’ in sub9 paragraph (E) and inserting ‘‘23 percent’’, 

10 and 

11 (iv) by striking ‘‘28 percent’’ in sub12 paragraph (F) and inserting ‘‘26 percent’’. 

13 (B) RATE UNDER ALTERNATIVE MINIMUM

14 TAX.—Paragraph (3) of section 55(b) of such 

15 Code is amended— 

16 (i) by striking ‘‘15 percent’’ in sub17 paragraph (C) and inserting ‘‘13 percent’’, 

18 (ii) by striking ‘‘20 percent’’ in sub19 paragraph (D) and inserting ‘‘18 percent’’, 

20 and 

21 (iii) by striking ‘‘25 percent’’ in sub22 paragraph (E) and inserting ‘‘23 percent’’. 

23 (C) CONFORMING AMENDMENTS.—The fol24 lowing sections are each amended by striking 

25 ‘‘20 percent’’ and inserting ‘‘18 percent’’: 


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1 (i) Section 1445(e)(1). 

2 (ii) The second sentence of section 

3 7518(g)(6)(A). 

4 (iii) Section 53511(f)(2) of title 46, 

5 United States Code. 

6 (b) CORPORATE TAX RATES.— 

7 (1) IN GENERAL.—Section 11(b) of the Internal 

8 Revenue Code of 1986 is amended— 

9 (A) in paragraph (1)— 

10 (i) by striking ‘‘15 percent’’ in sub11 paragraph (A) inserting ‘‘13 percent’’, 

12 (ii) by striking ‘‘25 percent’’ in sub13 paragraph (B) and inserting ‘‘23 percent’’, 

14 (iii) by striking ‘‘34 percent’’ in sub15 paragraph (C) and inserting ‘‘32 percent’’, 

16 and 

17 (iv) by striking ‘‘35 percent’’ in sub18 paragraph (C) and inserting ‘‘33 percent’’, 

19 and 

20 (B) in paragraph (2), by striking ‘‘35 per21 cent’’ and inserting ‘‘33 percent’’. 

22 (2) CONFORMING AMENDMENTS.— 

23 (A) Section 1201(a) of such Code is 

24 amended by striking ‘‘35 percent’’ each place it 

25 appears and inserting ‘‘33 percent’’. 


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1 (B) Paragraphs (1) and (2) of section 

2 1445(e) of such Code are each amended by 

3 striking ‘‘35 percent’’ and inserting ‘‘33 per4 cent’’. 

5 (c) EFFECTIVE DATE.— 

6 (1) IN GENERAL.—Except as otherwise pro7 vided in this subsection, the amendments made by 

8 this section shall apply to taxable years beginning 

9 after December 31, 2017. 

10 (2) AMENDMENTS RELATED TO WITH11 HOLDING.—The amendments made by subsections 

12 (a)(1)(D)(iii) and (c)(2)(B) shall take effect on Jan13 uary 1, 2018. 

Æ 


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