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As part of Paul Ryan’s plan, the top tax rate would be substantially reduced.Currently the highest tax bracket is 39.6%.
These bullet points are from Paul Ryan’s plan:
- Simplify the tax code to make it fairer to American families and businesses.
- Reduce the amount of time and resources necessary to comply with tax laws.
- Substantially lower tax rates for individuals, with a goal of achieving a top individual rate of 25 per cent.
- Consolidate the current seven individual-income-tax brackets into two brackets with a first bracket of 10 per cent.
- Repeal the Alternative Minimum Tax.
- Reduce the corporate tax rate to 25 per cent.
- Transition the tax code to a more competitive system of international taxation.
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