Republicans and Democrats both back an overhaul to simplify the US tax code, but Republicans would use the savings from such a purge to lower the tax rate for business and the highest-income individuals to 25 percent, down from the current rate of 35 percent.
By comparison, tax rates for the highest-income earners were 69.1 percent in the first year of Ronald Reagan's presidency in 1981 and 94 percent the last year of World War II.
In addition, Republicans are calling for the extension of all the Bush tax cuts, including those for the highest-income brackets, now set to expire on Dec. 31. Republicans also favor allowing US corporations to repatriate profits earned overseas at a lower tax rate.
In a sharp disagreement with Democrats and the White House, Republicans say that the country spends too much, not taxes too little.
