Congress Weighs GOP Proposal

Republican plan would raise $300 bln by overhauling the tax code.

Members of Congress from both parties are open to revisions in a Republican plan to raise $300 billion by overhauling the tax code, Democratic and Republican congressional aides said, even as lawmakers publicly rejected competing debt-cutting proposals.

Members of the supercommittee have talked about a higher top marginal income tax rate than the 28 percent proposed this week by Republican Senator Pat Toomey of Pennsylvania, a Republican congressional aide and a Senate Democratic leadership aide said in separate interviews. Democrats also want additional sources of new revenue such as ending certain corporate tax expenditures, the Democratic staff member said.

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