GOP Tax Plan Lowers Rates, Imposes Surtax On Rich

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.

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