BREAKING NEWS

US Republican budget plan seeks to play up tax reform

By REUTERS

MARCH 20, 2012 03:11

WASHINGTON - A much-anticipated budget plan due on Tuesday from Republicans in the US House of Representatives includes sweeping tax reforms that cut rates and pare down individual income tax brackets from six to two - 10 percent and 25 percent.

The plan, which aims to deflect potential fallout from controversial Medicare reforms ahead of November elections, also would nearly eliminate US taxes on overseas profits and reduce the domestic corporate tax rate to 25 percent.

Even though the plan has almost no chance of becoming law, Republican lawmakers believe that focusing on tax reform will draw a stark contrast with Democratic President Barack Obama's budget plan and be popular with voters.

"We wanted to put a very clear jobs message into the budget," House Ways and Means Committee Chairman Dave Camp told Reuters.

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