I 
117TH CONGRESS 
2D SESSION 
H. R. 8214 
To amend the Internal Revenue Code of 1986 to make permanent certain 
provisions of Public Law 115–97 affecting individuals. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 23, 2022 
Mr. SCHWEIKERT (for himself, Mr. RICE of South Carolina, Mrs. WALORSKI, 
Mr. WENSTRUP, Mr. FERGUSON, Mr. KUSTOFF, Mrs. MILLER of West 
Virginia, Mr. HERN, Mr. SMITH of Nebraska, Mr. LAHOOD, Mr. SMITH 
of Missouri, Mr. MURPHY of North Carolina, and Mr. ARRINGTON) intro-
duced the following bill; which was referred to the Committee on Ways 
and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to make 
permanent certain provisions of Public Law 115–97 af-
fecting individuals. 
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 ‘‘Permanent Extension 
of Rate Cuts and Extension of National Tax Simplifica-
tion Act of 2022’’ or the ‘‘PERCENTS Act of 2022’’. 
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SEC. 2. MODIFICATION OF RATES. 
(a) AMENDMENT OF 1986 CODE.—Except as other-
wise expressly provided, whenever in this Act an amend-
ment or repeal is expressed in terms of an amendment 
to, or repeal of, a section or other provision, the reference 
shall be considered to be made to a section or other provi-
sion of the Internal Revenue Code of 1986. 
(b) MARRIED INDIVIDUALS FILING JOINT RETURNS 
AND SURVIVING SPOUSES.—Section 1(a) is amended by 
striking the table contained therein and inserting the fol-
lowing: 
‘‘If taxable income is: 
The tax is: 
Not over $19,050 ......................................
10% of taxable income. 
Over $19,050 but not over $77,400 ..........
$1,905, plus 12% of the excess over 
$19,050. 
Over $77,400 but not over $165,000 ........
$8,907, plus 22% of the excess over 
$77,400. 
Over $165,000 but not over $315,000 ......
$28,179, plus 24% of the excess 
over $165,000. 
Over $315,000 but not over $400,000 ......
$64,179, plus 32% of the excess 
over $315,000. 
Over $400,000 but not over $600,000 ......
$91,379, plus 35% of the excess 
over $400,000. 
Over $600,000 ...........................................
$161,379, plus 37% of the excess 
over $600,000.’’. 
(c) HEADS
OF
HOUSEHOLDS.—Section 1(b) is 
amended by striking the table contained therein and in-
serting the following: 
‘‘If taxable income is: 
The tax is: 
Not over $13,600 ......................................
10% of taxable income. 
Over $13,600 but not over $51,800 ..........
$1,360, plus 12% of the excess over 
$13,600. 
Over $51,800 but not over $82,500 ..........
$5,944, plus 22% of the excess over 
$51,800. 
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‘‘If taxable income is: 
The tax is: 
Over $82,500 but not over $157,500 ........
$12,698, plus 24% of the excess 
over $82,500. 
Over $157,500 but not over $200,000 ......
$30,698, plus 32% of the excess 
over $157,500. 
Over $200,000 but not over $500,000 ......
$44,298, plus 35% of the excess 
over $200,000. 
Over $500,000 ...........................................
$149,298, plus 37% of the excess 
over $500,000.’’. 
(d) UNMARRIED INDIVIDUALS OTHER THAN SUR-
VIVING SPOUSES AND HEADS OF HOUSEHOLDS.—Section 
1(c) is amended by striking the table contained therein 
and inserting the following: 
‘‘If taxable income is: 
The tax is: 
Not over $9,525 ........................................
10% of taxable income. 
Over $9,525 but not over $38,700 ............
$952.50, plus 12% of the excess 
over $9,525. 
Over $38,700 but not over $82,500 ..........
$4,453.50, plus 22% of the excess 
over $38,700. 
Over $82,500 but not over $157,500 ........
$14,089.50, plus 24% of the excess 
over $82,500. 
Over $157,500 but not over $200,000 ......
$32,089.50, plus 32% of the excess 
over $157,500. 
Over $200,000 but not over $500,000 ......
$45,689.50, plus 35% of the excess 
over $200,000. 
Over $500,000 ...........................................
$150,689.50, plus 37% of the ex-
cess over $500,000.’’. 
(e) MARRIED INDIVIDUALS FILING SEPARATE RE-
TURNS.—Section 1(d) is amended by striking the table 
contained therein and inserting the following: 
‘‘If taxable income is: 
The tax is: 
Not over $9,525 ........................................
10% of taxable income. 
Over $9,525 but not over $38,700 ............
$952.50, plus 12% of the excess 
over $9,525. 
Over $38,700 but not over $82,500 ..........
$4,453.50, plus 22% of the excess 
over $38,700. 
Over $82,500 but not over $157,500 ........
$14,089.50, plus 24% of the excess 
over $82,500. 
Over $157,500 but not over $200,000 ......
$32,089.50, plus 32% of the excess 
over $157,500. 
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‘‘If taxable income is: 
The tax is: 
Over $200,000 but not over $300,000 ......
$45,689.50, plus 35% of the excess 
over $200,000. 
Over $300,000 ...........................................
$80,689.50, plus 37% of the excess 
over $300,000.’’. 
(f) ESTATES AND TRUSTS.—Section 1(e) is amended 
by striking the table contained therein and inserting the 
following: 
‘‘If taxable income is: 
The tax is: 
Not over $2,550 ........................................
10% of taxable income. 
Over $2,550 but not over $9,150 ..............
$255, plus 24% of the excess over 
$2,550. 
Over $9,150 but not over $12,500 ............
$1,839, plus 35% of the excess over 
$9,150. 
Over $12,500 .............................................
$3,011.50, plus 37% of the excess 
over $12,500.’’. 
(g) INFLATION
ADJUSTMENTS.—Section 1(f) is 
amended— 
(1) by amending paragraph (2)(A) to read as 
follows: 
‘‘(A) by increasing the minimum and max-
imum dollar amounts for each bracket for 
which a tax is imposed under such table by the 
cost-of-living adjustment for such calendar year, 
determined under this subsection for such cal-
endar year by substituting ‘2017’ for ‘2016’ in 
paragraph (3)(A)(ii),’’, 
(2) by amending paragraph (7) to read as fol-
lows: 
‘‘(7) ROUNDING.— 
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‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), if any increase determined 
under paragraph (2)(A) is not a multiple of 
$25, such increase shall be rounded to the next 
lowest multiple of $25. 
‘‘(B) JOINT RETURNS, ETC.—In the case 
of a table prescribed under subsection (a), sub-
paragraph (A) shall be applied by substituting 
‘$50’ for ‘$25’ both places it appears.’’, 
(3) by striking paragraph (8), and 
(4) in the heading, by striking ‘‘PHASEOUT OF 
MARRIAGE PENALTY IN 15-PERCENT BRACKET; AD-
JUSTMENTS’’ and inserting ‘‘ADJUSTMENTS’’. 
(h) APPLICATION OF INCOME TAX BRACKETS TO 
CAPITAL GAINS BRACKETS.—Section 1(h) is amended— 
(1) in paragraph (1)(B)(i), by striking ‘‘25 per-
cent’’ and inserting ‘‘22 percent’’, 
(2) in paragraph (1)(C)(ii)(I), by striking 
‘‘which would (without regard to this paragraph) be 
taxed at a rate below 39.6 percent’’ and inserting 
‘‘below the maximum 15-percent rate amount’’, and 
(3) by adding at the end the following new 
paragraphs: 
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