DE HB107

Creates two new tax brackets for taxable years beginning after December 31, 2016: 7.10% on taxable income exceeding $125,000 but not exceeding $250,000, and 7.85% on taxable income exceeding $250,000

Maintains existing tax rates for lower income brackets: 2.2% ($2,000-$5,000), 3.9% ($5,000-$10,000), 4.8% ($10,000-$20,000), 5.2% ($20,000-$25,000), 5.55% ($25,000-$60,000), and 6.60% ($60,000-$125,000)

Implements tiered reduction of itemized deductions based on adjusted gross income: 20% reduction at $125,000-$160,000, increasing to 100% at incomes exceeding $250,000

Applies itemized deduction reductions at income thresholds of $160,000 (40% reduction), $190,000 (60% reduction), and $220,000 (80% reduction)