The fiscal plan outlined by House Budget Chairman Paul Ryan calls for reducing the top individual and corporate tax rates from 35 percent to 25 percent, which would require lawmakers to consider eliminating tax breaks such as the mortgage interest deduction to meet his revenue targets.
Over the next decade, the Wisconsin Republican wants the government to collect $4.2 trillion less than it would if Congress did nothing, and $1.8 trillion less than under the budget proposed Feb. 14 by President Barack Obama. Ryan’s targets in the plan he released yesterday are similar to the amount of revenue that would be raised if Congress extends tax cuts set to expire at the end of 2012.
