WASHINGTON (AP) — House Speaker Paul Ryan is promising a simpler tax code with lower rates for both families and businesses as he unveils the sixth and final installment of his “Better Way” campaign agenda for House Republicans.
But the Wisconsin Republican can’t match the 25 percent top rate for individuals that he promised not long ago. The tax reform plan to be released on Friday instead proposes a 33 percent top tax bracket rather than the current 39.6 percent won by President Barack Obama in 2013.
The Ryan plan also lacks the detail required to measure whether it maintains the current distribution of the tax burden by income range.
The plan won’t face a vote this year but, like other elements of Ryan’s agenda, provides a template for potential action next year.