House GOP budget to slash taxes
By Erik Wasson and Bernie Becker

House Republicans will roll out a fiscal 2013 budget on Tuesday that will slash tax rates for both corporations and individuals, setting a marker for future negotiations with Democrats on taxes and other fiscal matters.

The plan from House Budget Committee Chairman Paul Ryan (R-Wis.) would collapse the current system of six tax brackets for individuals into two marginal rates: 10 percent and 25 percent, according to GOP aides. The proposal would also lower the top corporate tax rate to 25 percent, and scrap the Alternative Minimum Tax.