I 
114TH CONGRESS 
1ST SESSION 
H. R. 389 
To amend the Internal Revenue Code of 1986 to impose increased rates 
of tax with respect to taxpayers with more than $1,000,000 taxable 
income, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 14, 2015 
Ms. SCHAKOWSKY (for herself, Mr. CONYERS, Mr. CUMMINGS, Mr. ELLISON, 
Mr. GRIJALVA, Mr. GUTIE´RREZ, Ms. LEE, Mr. MCDERMOTT, Mr. NAD-
LER, and Ms. NORTON) introduced the following bill; which was referred 
to the Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to impose 
increased rates of tax with respect to taxpayers with 
more than $1,000,000 taxable income, 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 ‘‘Fairness in Taxation 
Act of 2015’’. 
VerDate Sep 11 2014 
17:04 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H389.IH
H389
tkelley on DSK3SPTVN1PROD with BILLS
SEC. 2. 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 of the Internal 
Revenue Code of 1986 is amended to read as fol-
lows: 
If taxable income is: 
The tax is: 
Not over $17,850 ..........................
10% of taxable income. 
Over 
$17,850 
but 
not 
over 
$72,500.
$1,785, plus 15% of the excess over 
$17,850. 
Over 
$72,500 
but 
not 
over 
$146,400.
$9,982.50, plus 25% of the excess 
over $72,500. 
Over 
$146,400 
but 
not 
over 
$223,050.
$28,457.50, plus 28% of the excess 
over $146,400. 
Over 
$223,050 
but 
not 
over 
$398,350.
$49,919.50, plus 33% of the excess 
over $223,050. 
Over 
$398,350 
but 
not 
over 
$450,000.
$107,768.50, plus 35% of the excess 
over $398,350. 
Over 
$450,000 
but 
not 
over 
$1,000,000.
$125,846, plus 39.6% of the excess 
over $450,000. 
Over $1,000,000 but not over 
$10,000,000.
$343,646, plus 45% of the excess 
over $1,000,000. 
Over $10,000,000 but not over 
$20,000,000.
$4,393,646, plus 46% of the excess 
over $10,000,000. 
Over $20,000,000 but not over 
$100,000,000.
$8,993,646, plus 47% of the excess 
over $20,000,000. 
Over $100,000,000 but not over 
$1,000,000,000.
$46,593,646, plus 48% of the excess 
over $100,000,000. 
Over $1,000,000,000 .....................
$478,593,646, plus 49% over the ex-
cess over $1,000,000,000. 
(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 $12,750 ..........................
10% of taxable income. 
Over 
$12,750 
but 
not 
over 
$48,600.
$1,275, plus 15% of the excess over 
$12,750. 
Over 
$48,600 
but 
not 
over 
$125,450.
$6,652.50, plus 25% of the excess 
over $48,600. 
VerDate Sep 11 2014 
17:04 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6211
E:\BILLS\H389.IH
H389
tkelley on DSK3SPTVN1PROD with BILLS
If taxable income is: 
The tax is: 
Over 
$125,450 
but 
not 
over 
$203,150.
$25,865, plus 28% of the excess over 
$125,450. 
Over 
$203,150 
but 
not 
over 
$398,350.
$47,621, plus 33% of the excess over 
$203,150. 
Over 
$398,350 
but 
not 
over 
$425,000.
$112,037, plus 35% of the excess 
over $398,350. 
Over 
$425,000 
but 
not 
over 
$1,000,000.
$121,364.50, plus 39.6% of the ex-
cess over $425,000. 
Over $1,000,000 but not over 
$10,000,000.
$349,064.50, plus 45% of the excess 
over $1,000,000. 
Over $10,000,000 but not over 
$20,000,000.
$4,399,064.50, plus 46% of the ex-
cess over $10,000,000. 
Over $20,000,000 but not over 
$100,000,000.
$8,999,064.50, plus 47% of the ex-
cess over $20,000,000. 
Over $100,000,000 but not over 
$1,000,000,000.
$46,599,064.50, plus 48% of the ex-
cess over $100,000,000. 
Over $1,000,000,000 .....................
$478,599,064.50, 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 $8,925 ............................
10% of taxable income. 
Over $8,925 but not over $36,250 
$892.50, plus 15% of the excess over 
$8,925. 
Over 
$36,250 
but 
not 
over 
$87,850.
$4,991.25, plus 25% of the excess 
over $36,250. 
Over 
$87,850 
but 
not 
over 
$183,250.
$17,891.25, plus 28% of the excess 
over $87,850. 
Over 
$183,250 
but 
not 
over 
$398,350.
$44,603.25, plus 33% of the excess 
over $183,250. 
Over 
$398,350 
but 
not 
over 
$400,000.
$115,586.25, plus 35% of the excess 
over $398,350. 
Over 
$400,000 
but 
not 
over 
$1,000,000.
$116,163.75, plus 39.6% of the ex-
cess over $400,000. 
Over $1,000,000 but not over 
$10,000,000.
$353,763.75, plus 45% of the excess 
over $1,000,000. 
Over $10,000,000 but not over 
$20,000,000.
$4,403,763.75, plus 46% of the ex-
cess over $10,000,000. 
Over $20,000,000 but not over 
$100,000,000.
$9,003,763.75, plus 47% of the ex-
cess over $20,000,000. 
Over $100,000,000 but not over 
$1,000,000,000.
$46,603,763.75, plus 48% of the ex-
cess over $100,000,000. 
Over $1,000,000,000 .....................
$478,603,763.75, plus 49% of the ex-
cess over $1,000,000,000. 
VerDate Sep 11 2014 
17:04 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6211
E:\BILLS\H389.IH
H389
tkelley on DSK3SPTVN1PROD with BILLS
(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 $8,925 ............................
10% of taxable income. 
Over $8,925 but not over $36,250 
$892.50, plus 15% of the excess over 
$8,925. 
Over 
$36,250 
but 
not 
over 
$73,200.
$4,991.25, plus 25% of the excess 
over $36,250. 
Over 
$73,200 
but 
not 
over 
$111,525.
$14,228.75, plus 28% of the excess 
over $73,200. 
Over 
$111,525 
but 
not 
over 
$199,175.
$24,959.75, plus 33% of the excess 
over $111,525. 
Over 
$199,175 
but 
not 
over 
$225,000.
$53,884.25, plus 35% of the excess 
over $199,175 
Over 
$225,000 
but 
not 
over 
$500,000.
$62,923, plus 39.6% of the excess 
over $225,000. 
Over 
$500,000 
but 
not 
over 
$5,000,000.
$171,823, plus 45% of the excess 
over $500,000. 
Over $5,000,000 but not over 
$10,000,000.
$2,196,823, plus 46% of the excess 
over $5,000,000. 
Over $10,000,000 but not over 
$50,000,000.
$4,496,823, plus 47% of the excess 
over $10,000,000. 
Over $50,000,000 but not over 
$500,000,000.
$23,296,823, plus 48% of the excess 
over $50,000,000. 
Over $500,000,000 ........................
$239,296,823, plus 49% of the excess 
over $500,000,000. 
(5) INFLATION
ADJUSTMENT.—Subsection (f) 
of section 1 of such Code is amended by adding at 
the end the following new paragraph: 
‘‘(9) SPECIAL RULE FOR TAXABLE YEARS BE-
GINNING
AFTER
2015.—In prescribing the tables 
under paragraph (1) which apply with respect to 
taxable years beginning in a calendar year after 
2015, the cost-of-living adjustment under paragraph 
(3) shall be determined by substituting ‘2014’ for 
‘1992’ in subparagraph (B) thereof.’’. 
VerDate Sep 11 2014 
17:04 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H389.IH
H389
tkelley on DSK3SPTVN1PROD with BILLS
(6) CONFORMING AMENDMENT.—Section 1 of 
such Code is amended by striking subsection (i). 
(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 
taxable income in excess of the minimum dollar amount 
for the 45-percent rate bracket and has a net capital gain, 
then— 
‘‘(1) the tax imposed by this section for the tax-
able year with respect to such excess shall be deter-
mined without regard to subsection (h), and 
‘‘(2) the amount of net capital gain of the tax-
payer taken into account for the taxable year under 
subsection (h) shall be reduced by the lesser of— 
‘‘(A) such excess, or 
‘‘(B) the net capital gain for the taxable 
year. 
Any reduction in net capital gain under the pre-
ceding sentence shall be allocated between adjusted 
VerDate Sep 11 2014 
17:04 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H389.IH
H389
tkelley on DSK3SPTVN1PROD with BILLS
net capital gain, unrecaptured 1250 gain, and sec-
tion 1202 gain in amounts proportionate to the 
amounts of each such gain. Any term used in this 
subsection which is also used in subsection (h) shall 
have the meaning given such term in subsection 
(h).’’. 
(2) CONFORMING AMENDMENT.—Paragraph (1) 
of section 1(h) of such Code is amended by striking 
‘‘If a taxpayer has’’ and inserting ‘‘Except to the ex-
tent provided in subsection (j), if a taxpayer has’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2014. 
Æ 
VerDate Sep 11 2014 
17:04 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6301
E:\BILLS\H389.IH
H389
tkelley on DSK3SPTVN1PROD with BILLS