House Republican budget calls for tax reform; 25-percent top rate for individuals and corporations
Washington National Tax Services
House Budget Committee Chairman Paul Ryan (R-WI) today released a proposed FY 2013 House budget resolution that reaffirms support for comprehensive tax reform. The draft budget includes proposals to limit future growth in spending on Medicare and other federal mandatory spending programs, and also assumes repeal of the Affordable Care Act of 2010. Congressional budget resolutions, which are not subject to signature or veto by the President, set the expected budget levels for discretionary spending, mandatory spending, and revenues for the federal government. Under the budget proposed by Chairman Ryan, discretionary spending for FY 2013 would be capped at $1.028 trillion, less than the $1.047 trillion limit set under the Budget Control Act enacted last year by the House and Senate. The House proposal to reduce spending below levels agreed to as part of last year's debt limit agreement may complicate efforts to pass spending bills later this year for the federal government's new fiscal year that starts on October 1, 2012.