WASHINGTON (February 25, 2014) An election-year plan by House Republicans to simplify the tax code would cut income tax rates, but also would impose a new surtax on some high-income families.
The plan was to be unveiled Wednesday.
A GOP aide who spoke on condition of anonymity said it would lower the top income tax rate from 39.6 percent to 25 percent., but also would impose a new 10 percent surtax on some earned income above about $450,000.
The aide was not authorized to speak publicly about the plan before its release.
The plan has no chance of becoming law without Democratic support, but it could become a political document for House Republicans to show what they stand for, and for Democrats to attack, as the midterm elections approach in November.