WASHINGTON (AP) — An election-year plan by House Republicans to simplify the tax code would cut income tax rates but impose a new surtax on some high-income families.
The plan is 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. However, the plan 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.