; table of contents. Title I—Simplified individual income tax rates Sec. 101. Simplified individual income tax rates. Title II—20-Percent Corporate Tax Rate Sec. 201. 20-percent corporate tax rate. Title III—15-Percent Maximum Capital Gains Rate Sec. 301. 15-percent maximum capital gains rate. Title IV—Modification and Permanent Extension of the Incentives to Reinvest Foreign Earnings in the United States Sec. 401. Modification and permanent extension of the incentives to reinvest foreign earnings in the United States. Title V—Bonus depreciation increased to 100 percent and made permanent Sec. 501. Bonus depreciation increased to 100 percent and made permanent. Title VI—FICA and SECA Tax Rate Reductions Sec. 601. FICA tax rate reductions. Sec. 602. SECA tax rate reductions. Title VII—Repeal of estate and gift taxes Sec. 701. Repeal of estate and gift taxes. I Simplified individual income tax rates 101. Simplified individual income tax rates (a) In general Section 1(i) of the Internal Revenue Code of 1986 is amended by striking paragraphs (2) and (3), by redesignating paragraph (4) as paragraph (3), and by inserting after paragraph (1) the following new paragraph: (2) 20- and 30-percent rate brackets (A) In general In the case of taxable years beginning after December 31, 2015, the rate of tax under subsections (a), (b), (c), and (d) on taxable income which would (without regard to this paragraph) be taxed at a rate over 15 percent shall be— (i) 20 percent on taxable income not over $1,000,000, and (ii) 30 percent on taxable income over $1,000,000. (B) Inflation adjustment In prescribing the tables under subsection (f) which apply with respect to taxable years beginning after 2016, the $1,000,000 amount in subparagraph (A) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (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 2015 for calendar year 1992 in subparagraph (B)