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.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Save America's National Economy 
Act''.

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2011, is repealed.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and Emergency Deficit Control Act of 1985 is repealed.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 returns and surviving 
        spouses.--The table contained 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 
                                                excess 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 
                                                excess over 
                                                $10,000,000.
    Over $20,000,000 but not over 
        $100,000,000.
                                        $9,008,585.10, plus 47% of the 
                                                excess over 
                                                $20,000,000.
    Over $100,000,000 but not over 
        $1,000,000,000.
                                        $46,608,585.10, plus 48% of the 
                                                excess over 
                                                $100,000,000.
    Over $1,000,000,000............
                                        $478,608,585.10, plus 49% over 
                                                the excess over 
                                                $1,000,000,000.
            (2) Heads of household.--The table contained 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 
                                                excess over 
                                                $10,000,000.
    Over $20,000,000 but not over 
        $100,000,000.
                                        $9,013,088.60, plus 47% of the 
                                                excess over 
                                                $20,000,000.
    Over $100,000,000 but not over 
        $1,000,000,000.
                                        $46,613,088.60, plus 48% of the 
                                                excess over 
                                                $100,000,000.
    Over $1,000,000,000............
                                        $478,613,088.60, plus 49% of 
                                                the excess over 
                                                $1,000,000,000.
            (3) Unmarried individuals (other than surviving spouses and 
        heads of households).--The table contained in subsection (c) of 
        section 1 of such Code is amended to read as follows:

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 
                                                excess over 
                                                $10,000,000.
    Over $20,000,000 but not over 
        $100,000,000.
                                        $9,016,637.60, plus 47% of the 
                                                excess over 
                                                $20,000,000.
    Over $100,000,000 but not over 
        $1,000,000,000.
                                        $46,616,637.60, plus 48% of the 
                                                excess over 
                                                $100,000,000.
    Over $1,000,000,000............
                                        $478,616,637.60, plus 49% of 
                                                the excess 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 follows:

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 
                                                excess over $5,000,000.
    Over $10,000,000 but not over 
        $50,000,000.
                                        $4,503,458.30, plus 47% of the 
                                                excess over 
                                                $10,000,000.
    Over $50,000,000 but not over 
        $500,000,000.
                                        $23,303,458.30, plus 48% of the 
                                                excess over 
                                                $50,000,000.
    Over $500,000,000..............
                                        $239,303,458.30, plus 49% of 
                                                the excess over 
                                                $500,000,000.
    (b) Recapture of Lower Capital Gains Rates for Individuals Subject 
to Added Rate Brackets.--
            (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 taxable year 
        with respect to such excess shall be determined without regard 
        to subsection (h), and
            ``(2) the amount of net capital gain of the taxpayer 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 preceding sentence 
        shall be allocated between adjusted net capital gain, 
        unrecaptured 1250 gain, and section 1202 gain in amounts 
        proportionate to the amounts of each such gain.''.
            (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 extent 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, 2013.

SEC. 4. SAVINGS FROM OVERSEAS CONTINGENCY AND RELATED ACTIVITIES.

    (a) In General.--Section 251(b)(2) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 (2 U.S.C. 901(b)(2)) is amended 
by adding at the end the following new subparagraph:
                    ``(E) Overseas contingency and related 
                activities.--
                            ``(i) Cap adjustment.--If a bill or joint 
                        resolution making appropriations for a fiscal 
                        year is enacted that specifies an amount for 
                        overseas contingency and related activities for 
                        that fiscal year after taking into account any 
                        other bills or joint resolutions enacted for 
                        that fiscal year that specify an amount for 
                        overseas contingency and related activities, 
                        but do not exceed in the aggregate the amounts 
                        specified in clause (ii), then the adjustments 
                        for that fiscal year shall be the additional 
                        new budget authority provided in that Act for 
                        such activities for that fiscal year.
                            ``(ii) Levels.--The levels for overseas 
                        contingency and related activities specified in 
                        this subparagraph are as follows:
                                    ``(I) For fiscal year 2013, 
                                $83,000,000,000 in budget authority.
                                    ``(II) For fiscal year 2014, 
                                $50,000,000,000 in budget authority.
                                    ``(III) For fiscal year 2015, 
                                $50,000,000,000 in budget authority.
                                    ``(IV) For fiscal year 2016, 
                                $50,000,000,000 in budget authority.
                                    ``(V) For fiscal year 2017, 
                                $50,000,000,000 in budget authority.
                                    ``(VI) For fiscal year 2018, 
                                $50,000,000,000 in budget authority.
                                    ``(VII) For fiscal year 2019, 
                                $50,000,000,000 in budget authority.
                                    ``(VIII) For fiscal year 2020, 
                                $50,000,000,000 in budget authority.
                                    ``(IX) For fiscal year 2021, 
                                $50,000,000,000 in budget authority.''.
    (b) Breach.--Section 251(a)(2) of such Act (2 U.S.C. 901(a)(2)) is 
amended to read as follows:
            ``(2) Eliminating a breach.--
                    ``(A) In general.--Each non-exempt account within a 
                category shall be reduced by a dollar amount calculated 
                by multiplying the enacted level of sequestrable 
                budgetary resources in that account by the uniform 
                percentage necessary to eliminate a breach within that 
                category.
                    ``(B) Overseas contingencies.--Any amount of budget 
                authority for overseas contingency operations and 
                related activities for fiscal years 2013 through 2021 
                in excess of the levels set in subsection 251(b)(2)(E) 
                shall be counted in determining whether a breach has 
                occurred in the security category and the nonsecurity 
                category on a proportional basis to the total spending 
                for overseas contingency operations in the security 
                category and the nonsecurity category.''.
    (c) Conforming Amendment.--Section 251(b)(2)(A) of such Act (2 
U.S.C. 901(b)(2)(A)) is amended to read as follows:
                    ``(A) Emergency appropriations.--If, for any fiscal 
                year, appropriations for discretionary accounts are 
                enacted that the Congress designates as emergency 
                requirements in statute on an account by account basis 
                and the President subsequently so designates, the 
                adjustment shall be the total of such appropriations in 
                discretionary accounts designated as emergency 
                requirements.''.

Summary: Save America's National Economy Act - Repeals provisions of the Balanced Budget and Emergency Deficit Control Act of 1985, as added by the Budget Control Act of 2011, that require automatic reductions in discretionary spending (sequestration) between FY2013 and FY2021.

Amends the Internal Revenue Code to: (1) increase individual income tax rates for taxpayers whose taxable income exceeds $1 million, and (2) provide for an adjustment in the capital gains tax of taxpayers whose taxable income is subject to the 45% tax bracket.

Establishes caps on funding levels for overseas contingency operations and related activities for FY2013-FY2021.