Politics News Alert

House GOP tax plan would lower rates, raise surtax on high earners

House Ways and Means Committee Chairman Dave Camp (R-Mich.) plans Wednesday to release long-awaited legislation that would simplify the tax code, collapse seven brackets into two and reduce the top tax rate for individuals from 39.6 percent to 25 percent.

The plan would also impose a 10 percent surtax on certain types of earned income over about $450,000 a year.

In the end, however, the vast majority of taxpayers would see little change in their tax bills, according to an official analysis of the legislation reviewed by The Washington Post.

Read more at:
http://www.washingtonpost.com/business/economy/house-gop-tax-plan-would-cut-top-rates-but-also-hit-high-earners-with-a-surtax/2014/02/24/361ac868-9d92-11e3-9ba6-800d1192d08b_story.html

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