The GOP budget would also overhaul the tax code, setting the top individual and corporate rates at 25% rather than 35%. The changes would be revenue-neutral, since the budget would eliminate a series of tax breaks. But even some Republicans say it's unrealistic to try to balance the budget without some increases in revenue.
GASP! Raise taxes? Say it ain't so, Joe!
I'm curious to see how the Republicans will herd cats after this announcement.
Here's the thing: why not just cap the loopholes and forget about lowering the top tax rate which is already lower than any top tax rates since the income tax was instituted?