The House Republican fiscal 2013 budget blueprint set to be
formally released March 20 will assume a dramatically simpler individual income
tax code and repeal of the oft-patched alternative minimum tax.
Under the plan, set to be unveiled by House Budget Chairman
Paul Ryan (R-Wis.), the current number of individual income tax brackets would
drop to only two, set at levels of 10 percent and 25 percent.
In addition to flattening the brackets, the budget
resolution will assume repeal of the AMT, a policy that has been estimated to
cost $804 billion from 2013 to 2022 by the nonpartisan Congressional Budget
Office.
The summary said the budget would also assume reducing the
top corporate tax rate to 25 percent and shifting from a worldwide tax system
to a territorial one. Lowering the corporate tax rate to 25 percent was also in
the House GOP's fiscal 2012 blueprint approved by the House in 2011.
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