House Republican budget calls for business and individual tax reform

March 2013

Overview

House Budget Committee Chairman Paul Ryan (R-WI) today released a proposed FY 2014 House budget resolution that calls for comprehensive business and individual tax reform and seeks to eliminate $4.6 trillion in projected federal deficits through spending cuts to achieve a balanced budget by FY 2023.

Meanwhile, Senate Budget Committee Chairman Patty Murray (D-WA) is expected to release a proposed FY 2014 Senate budget resolution later this week. Chairman Murray previously has stated that she expects the Senate budget resolution to call for a “balanced” mix of revenue increases resulting from tax reform, reportedly up to $1 trillion, and spending reductions to reduce projected federal deficits.

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