GOP tax plan lowers rates, imposes surtax on richSubmitted by meekandmild on Tue, 02/25/2014 - 15:31
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