Tags: tax | reform | bill | house

GOP House Members Introduce Tax Reform Bill for 2013

Wednesday, 25 Jul 2012 01:21 PM

By Newsmax Wires

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House Rules Committee Chairman David Dreier, R-Calif., and 22 other House Republicans have created a tax reform bill and specified procedures to help push it through Congress in early 2013.

The proposal seeks to simplify the tax code, The Hill reports. It creates two tax brackets for individuals — 10 percent for lower income taxpayers and “not more than 25 percent” for others. The current maximum rate is 35 percent.

The bill also reduces the corporate tax rate to a maximum of 25 percent from 35 percent currently. It repeals the Alternative Minimum Tax and broadens the tax base to prevent revenue from dropping.

"The tax code is unfair, containing hundreds of provisions that only benefit certain special interests, resulting in a system of winners and losers," the bill says. "The tax code violates the fundamental principle of equal justice by subjecting families in similar circumstances to significantly different tax bills."

The bill lays out a path for passage early next year. The Ways and Means Committee would introduce a measure matching the bill’s planks by April 30, 2013. And that bill could proceed under expedited procedures in both the House and Senate.

For example, the bill could be taken out of any committee within 20 days after being referred to it if the committee failed to consider the bill. The proposal also includes language to accelerate votes on the bill in both the House and Senate.

Dreier's bill will likely pass the House next week, congressional sources tell The Hill.



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