House Republicans will slash personal income taxes to a 25 percent top rate and a 10 percent lower rate as part of their fiscal 2013 budget proposal to be released Tuesday. The proposal would also lower the top corporate tax rate to 25 percent, and scrap the Alternative Minimum Tax.
The election-year plan from House Budget Committee Chairman Paul Ryan (R-Wis.) would greatly simplify the tax code by collapsing the current system of six tax brackets for individuals into two marginal rates, Republican members and aides said Monday.
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