I 
112TH CONGRESS 
2D SESSION 
H. R. 6535 
To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
to repeal the sequestration added by the Budget Control Act of 2011, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 21, 2012 
Mr. NADLER (for himself and Ms. SCHAKOWSKY) introduced the following bill; 
which was referred to the Committee on the Budget, and in addition to 
the Committee on Ways and Means, for a period to be subsequently de-
termined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To amend the Balanced Budget and Emergency Deficit Con-
trol Act of 1985 to repeal the sequestration added by 
the Budget Control Act of 2011, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Save America’s Na-
tional Economy Act’’. 
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SEC. 2. REPEALER. 
(a) IN GENERAL.—Section 251A of the Balanced 
Budget and Emergency Deficit Control Act of 1985, as 
added by the Budget Control Act of 2011, is repealed. 
(b) CONFORMING AMENDMENT.—The item relating 
to section 251A in the table of contents set forth in section 
250(a) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 is repealed. 
SEC. 3. INCREASED TAX RATES FOR TAXPAYERS WITH 
MORE THAN $1,000,000 TAXABLE INCOME. 
(a) IN GENERAL.— 
(1) MARRIED INDIVIDUALS FILING JOINT RE-
TURNS AND SURVIVING SPOUSES.—The table con-
tained in subsection (a) of section 1 is amended to 
read as follows: 
If taxable income is: 
The tax is: 
Not over $69,000 ..........................
15% of taxable income. 
Over 
$69,000 
but 
not 
over 
$139,350.
$10,350, plus 28% of the excess over 
$69,000. 
Over 
$139,350 
but 
not 
over 
$212,300.
$30,048, plus 31% of the excess over 
$139,350. 
Over 
$212,300 
but 
not 
over 
$379,150.
$52,662.50, plus 36% of the excess 
over $212,300. 
Over 
$379,150 
but 
not 
over 
$1,000,000.
$112,728.50, plus 39.6% of the ex-
cess over $379,150. 
Over $1,000,000 but not over 
$10,000,000.
$358,585.10, plus 45% of the excess 
over $1,000,000. 
Over $10,000,000 but not over 
$20,000,000.
$4,408,585.10, plus 46% of the ex-
cess over $10,000,000. 
Over $20,000,000 but not over 
$100,000,000.
$9,008,585.10, plus 47% of the ex-
cess over $20,000,000. 
Over $100,000,000 but not over 
$1,000,000,000.
$46,608,585.10, plus 48% of the ex-
cess over $100,000,000. 
Over $1,000,000,000 .....................
$478,608,585.10, plus 49% over the 
excess over $1,000,000,000. 
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(2) HEADS OF HOUSEHOLD.—The table con-
tained in subsection (b) of section 1 of such Code is 
amended to read as follows: 
If taxable income is: 
The tax is: 
Not over $46,250 ..........................
15% of taxable income. 
Over 
$46,250 
but 
not 
over 
$119,400.
$6,937.50, plus 28% of the excess 
over $46,250. 
Over 
$119,400 
but 
not 
over 
$193,350.
$27,419.50, plus 31% of the excess 
over $119,400. 
Over 
$193,350 
but 
not 
over 
$379,150.
$50,344, plus 36% of the excess over 
$193,350. 
Over 
$379,150 
but 
not 
over 
$1,000,000.
$117,232, plus 39.6% of the excess 
over $379,150. 
Over $1,000,000 but not over 
$10,000,000.
$363,088.60, plus 45% of the excess 
over $1,000,000. 
Over $10,000,000 but not over 
$20,000,000.
$4,413,088.60, plus 46% of the ex-
cess over $10,000,000. 
Over $20,000,000 but not over 
$100,000,000.
$9,013,088.60, plus 47% of the ex-
cess over $20,000,000. 
Over $100,000,000 but not over 
$1,000,000,000.
$46,613,088.60, plus 48% of the ex-
cess over $100,000,000. 
Over $1,000,000,000 .....................
$478,613,088.60, plus 49% of the ex-
cess over $1,000,000,000. 
(3) UNMARRIED
INDIVIDUALS
(OTHER
THAN 
SURVIVING
SPOUSES
AND
HEADS
OF
HOUSE-
HOLDS).—The table contained in subsection (c) of 
section 1 of such Code is amended to read as fol-
lows: 
If taxable income is: 
The tax is: 
Not over $34,500 ..........................
15% of taxable income. 
Over 
$34,500 
but 
not 
over 
$83,600.
$5,175, plus 28% of the excess over 
$34,500. 
Over 
$83,600 
but 
not 
over 
$174,400.
$18,923, plus 31% of the excess over 
$83,600. 
Over 
$174,400 
but 
not 
over 
$379,150.
$47,071, plus 36% of the excess over 
$174,400. 
Over 
$379,150 
but 
not 
over 
$1,000,000.
$120,781, plus 39.6% of the excess 
over $379,150. 
Over $1,000,000 but not over 
$10,000,000.
$366,637.60, plus 45% of the excess 
over $1,000,000. 
Over $10,000,000 but not over 
$20,000,000.
$4,416,637.60, plus 46% of the ex-
cess over $10,000,000. 
Over $20,000,000 but not over 
$100,000,000.
$9,016,637.60, plus 47% of the ex-
cess over $20,000,000. 
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If taxable income is: 
The tax is: 
Over $100,000,000 but not over 
$1,000,000,000.
$46,616,637.60, plus 48% of the ex-
cess over $100,000,000. 
Over $1,000,000,000 .....................
$478,616,637.60, plus 49% of the ex-
cess over $1,000,000,000. 
(4) MARRIED INDIVIDUALS FILING SEPARATE 
RETURNS.—The table contained in subsection (d) of 
section 1 of such Code is amended to read as fol-
lows: 
If taxable income is: 
The tax is: 
Not over $34,500 ..........................
plus 15% of taxable income. 
Over 
$34,500 
but 
not 
over 
$69,675.
$5,175, plus 28% of the excess over 
$34,500. 
Over 
$69,675 
but 
not 
over 
$106,150.
$15,024, plus 31% of the excess over 
$69,675. 
Over 
$106,150 
but 
not 
over 
$189,575.
$26,331.25, plus 35% of the excess 
over $106,150. 
Over 
$189,575 
but 
not 
over 
$500,000.
$55,530, plus 39.6% of the excess 
over $189,575. 
Over 
$500,000 
but 
not 
over 
$5,000,000.
$178,458.30, plus 45% of the excess 
over $500,000. 
Over $5,000,000 but not over 
$10,000,000.
$2,203,458.30, plus 46% of the ex-
cess over $5,000,000. 
Over $10,000,000 but not over 
$50,000,000.
$4,503,458.30, plus 47% of the ex-
cess over $10,000,000. 
Over $50,000,000 but not over 
$500,000,000.
$23,303,458.30, plus 48% of the ex-
cess over $50,000,000. 
Over $500,000,000 ........................
$239,303,458.30, plus 49% of the ex-
cess over $500,000,000. 
(b) RECAPTURE OF LOWER CAPITAL GAINS RATES 
FOR INDIVIDUALS SUBJECT TO ADDED RATE BRACK-
ETS.— 
(1) IN GENERAL.—Section 1 of such Code is 
amended by adding at the end the following new 
subsection: 
‘‘(j) SPECIAL RULE FOR CAPITAL GAINS IN CASE OF 
TAXABLE INCOME SUBJECT TO AT LEAST 45-PERCENT 
RATE BRACKET.—If for the taxable year a taxpayer has 
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