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GOP tax plan lowers rates, imposes surtax on rich

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, which is to be unveiled Wednesday, would lower the top income tax rate from 39.6 percent to 25 percent, said a GOP aide who spoke on condition of anonymity. 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

http://finance.yahoo.com/news/gop-tax-plan-lowers-rates-0819...