A group of House Republicans unveiled a new, $400 billion tax overhaul plan Wednesday that would slash the corporate tax rate from 35 percent to 20 percent, simplify the tax code, and slash taxes for businesses.
House Ways and Means Committee Chairman Kevin Brady (R-Texas) and Ways and Service Committee Chairman Harold Rogers (R, Va.) unveiled the legislation in a press conference after announcing a proposal to simplify the U.S. tax code.
The new bill would also include the “No Tax on High-Income” tax incentive, which allows individuals to deduct up to $10,000 from their federal income taxes.
The plan is the latest move by the GOP to try to repeal and replace the Affordable Care Act (ACA), which was passed by Congress in 2010.
In order to do that, Republicans must pass a budget that eliminates taxes for individuals and businesses.
However, it remains to be seen whether or not the House GOP will follow through on that plan.
The House Republicans have also proposed a $2.3 trillion tax cut package, which includes a $1.9 trillion tax overhaul for individuals.
However the plan would likely be less generous for high earners, according to the Tax Policy Center, as they would have to pay a lower rate.