This bill proposes significant reforms to the individual income tax system, primarily by increasing the standard deduction for certain taxpayers. Specifically, it raises the standard deduction for married individuals filing separately from $4,400 to $75,000 and for heads of households from $3,000 to $50,000, effective for taxable years beginning after December 31, 2025. The legislation also introduces a new, more progressive structure for individual income tax rates across all filing statuses. For joint filers, new brackets range from 25% on income up to $200,000, escalating to a top rate of 70% for income exceeding $2,000,000. Similar progressive rate structures, also with a 70% top marginal rate, are established for heads of households, other individuals, and estates and trusts. A key provision is the repeal of reduced rates of tax on capital gains , which means these gains would no longer receive preferential tax treatment and would instead be taxed at ordinary income rates. These tax rate and capital gains changes, along with conforming amendments, are also applicable to taxable years beginning after December 31, 2025.