House GOP budget chief aims at tax code
March 19th, 2012
09:46 PM ET
3 years ago

House GOP budget chief aims at tax code

New York (CNNMoney) – In a year when political stalemate is expected to block any real progress on fiscal reforms, House Republicans will take a swing at tax reform in their fiscal year 2013 budget proposal due out on Tuesday morning.

House Budget Chairman Paul Ryan, the lead writer on the budget, and his caucus will call for a reduction in individual tax rates and brackets. Instead of today's six brackets, with rates from 10% to 35%, they are calling for just two - 10% and 25%. It's not clear how much income would fall under each bracket.

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