(Bloomberg) Republican Representative Paul Ryan unveiled a $1.014 trillion U.S. budget plan that envisions revamping the tax code and social-safety net in a declaration of party priorities seven months before the midterm election.
The House Budget Committee led by Ryan called its proposal for fiscal 2015 a “blueprint for the country’s future.” The plan released today sets a goal of a top individual tax rate of 25 percent, compared with the current 39.6 percent, and calls for increases in defense spending and cuts in non-defense discretionary spending on programs such as national parks and the National Security Agency.
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