(2) Section 3402(q)(1) is amended by striking “third lowest” and inserting “fourth lowest”.
(1) Section 1 is amended by striking subsections (i) and (j). “(B) ROUNDING.-If any increase under subparagraph (A) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.”. “(ii) the cost-of-living adjustment determined under subsection (f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2017’ for ‘calendar year 2016’ in subparagraph (A)(ii) thereof. “(A) IN GENERAL.-Each of the dollar amounts in paragraphs (12) and (13) shall be increased by an amount equal to. “(13) DETERMINATION OF 0 PERCENT RATE BRACKET FOR ESTATES AND TRUSTS.-In the case of any estate or trust, paragraph (1)(B) shall be applied by treating the amount determined in clause (i) thereof as being equal to $2,600. “(D) in the case of an estate or trust, $12,700. “(C) in the case of any other individual (other than an estate or trust), $425,800, and “(B) in the case of an individual who is a head of household (as defined in section 2(b)), $452,400, “(A) in the case of a joint return or surviving spouse (as defined in section 2(a)), $479,000 (½ such amount in the case of a married individual filing a separate return), “(12) MAXIMUM 15-PERCENT RATE AMOUNT DEFINED.-For purposes of this subsection, the maximum 15-percent rate amount shall be. (3) by adding at the end the following new paragraphs: (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 (1) in paragraph (1)(B)(i), by striking “25 percent” and inserting “22 percent”, (g) Application of income tax brackets to capital gains brackets.- Section 1(h) is amended. (4) in the heading, by striking “ Phaseout of marriage penalty in 15-percent bracket adjustments” and inserting “ Adjustments”. “(B) JOINT RETURNS, ETC.-In the case of a table prescribed under subsection (a), subparagraph (A) shall be applied by substituting ‘$50’ for ‘$25’ both places it appears.”,
“(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.
(2) by amending paragraph (7) to read as follows: “(A) by increasing the minimum and maximum 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 calendar year by substituting ‘2017’ for ‘2016’ in paragraph (3)(A)(ii),”, (1) by amending paragraph (2)(A) to read as follows: (f) Inflation adjustments.- Section 1(f) is amended.
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