Many other commenters have identified the problems with this bill. My 2 cents: a bill that claims to simplify the tax code by reducing the number of brackets is feeding you B.S. The number of brackets has nothing to do with how "simple" or "complex" the tax code is for taxpayers or tax preparers--the brackets are built into the tax tables (if you still file on paper) or into the formulas. The most fair graduated tax system would have an infinite number of brackets. The real goal of those who promote fewer brackets is to ultimately reduce the brackets to one--presto! A flat tax! The bracket reduction is a dishonest ploy.