What the document says“the term `applicable percentage' means 50 percent--”
The section rewrites paragraph (2) of section 21(a) of the Internal Revenue Code of 1986 so that the applicable percentage is 50 percent, reduced but not below 35 percent by one percentage point for each $2,000 or part of $2,000 of adjusted gross income above $15,000, and reduced again but not below 20 percent by one percentage point for each $2,000, or $4,000 on a joint return, or part of it, of adjusted gross income above $75,000, or $150,000 on a joint return.
What the document actually says“the term `applicable percentage' means 50 percent--”
The rate starts at 50 percent. The two cuts that follow bring it down.
The first cut runs from $15,000 of income. It stops at 35 percent. The second runs from $75,000 and stops at 20 percent.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.