116TH CONGRESS

1ST SESSION

S. __
To amend the Internal Revenue Code of 1986 to amend the 2017 tax bill to provide for tax
fairness and deficit reduction.

IN THE SENATE OF THE UNITED STATES

JANUARY, 2019
Ms. WILSON 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 amend the 2017 tax bill to provide for tax fairness and deficit
reduction.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress
assembled,
SECTION 1. SHORT TITLE

S H O R T T I T L E .—This Act may be cited as the “Tax Fairness and Deficit Reduction Act of 2019”.

SECTION 2. CHANGES TO 2017 TAX BILL

CHANGES TO 2017 TAX BILL. P.L. 115-97 is amended as follows:

(a) TAX FAIRNESS FOR FAMILIES AND INDIVIDUALS.

(1) In each of the tax tables in Section 11001, replace 10% with 9%;
(2) In each of the tax tables in Section 11001, replace 37% with 39.6%.
(3) In the tax table for Married Individuals, replace “$600,000” every place it appears with “$480,050”.
(4) In the tax table for Heads of Households, replace “$500,000” every place it appears with “$453,350”.
(5) In the tax table for Unmarried Individuals, replace “$500,000” every place it appears with “$426,700”.
(6) In the tax table for Married Individuals Filing Separate Returns, replace “$300,000” every place it
appears with “$212,475”.
(b) TAX FAIRNESS FOR CHILDREN
(1) Section 11061 is repealed.
(2) In Section 11022, substitute $2,150” for $2,000”.
(3) In Section 11022, substitute $1,550” for $1,400” in both cases in which it appears.
(c) DEFICIT REDUCTION AND CORPORATE TAX FAIRNESS
(1) In Section 13001(a), substitute “25” for “21”
(2) Tax Revenues attributable to the enactment of subsection (1) shall be used only for deficit reduction.
(d) TAX FAIRNESS ON WALL STREET
The Internal Revenue Service is directed to make changes to tax treatment of carried interest to ensure
that it is taxed as ordinary income.