House Budget Committee Chairman proposes 25-percent top tax rate for individuals and corporations

Washington National Tax Services

House Budget Committee Chairman Paul Ryan (R-WI) today released the outline of a proposed FY 2012 House budget resolution that would seek to reduce federal deficits by $4.4 trillion over ten years while also proposing to cut to 25 percent the top tax rates for individuals and corporations.

The proposed House Republican budget resolution would leave the details of how to draft legislation reducing individual and corporate tax rates to the House Ways and Means Committee, but the budget plan released by Chairman Ryan states that the individual rate reductions would be offset by "broadening the tax base, eliminating as necessary existing tax deductions, exclusions, and other special provisions." The proposed reduction in the corporate tax rate would be offset by "eliminating or modifying deductions, credits and special carve-outs that leave many companies paying no tax at all."

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