Today, House Budget Committee Chairman Paul Ryan released his Fiscal Year 2015 budget blueprint for “expanding opportunity by growing the economy and providing families with a fair, simple tax code to boost wages and create jobs.” 

Ryan’s budget plan contains the following elements for tax reform, but does not endorse any particular plan.

Ryan’s budget plan proposes to:

  • “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.
  • Consolidate the current seven tax brackets.
  • Repeal the Alternative Minimum Tax.
  • Reduce the corporate tax rate to 25 percent.
  • Adopt a more competitive system of international taxation.”

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