Competing Tax Proposals

Are your taxes going up or down? It depends on which tax plan you read. Both sides of the political aisle have proposed sweeping but dramatically different tax reform packages for Congress to consider:

• Senate Budget Committee Chairwoman Patty Murray (D-Wash) proposed a budget plan that included almost $1 trillion in new revenue over the next 10 years. Much of this revenue ($975 billion) would come from tax increases.
• House Budget Committee Chairman Paul Ryan (R-Wis) proposed cutting the top corporate tax rates to 25% and limiting individual tax rates to 10% and 25% as part of comprehensive tax reform.

Which, if any, plan will succeed? Who knows? Any measure that passes Congress would have to be a compromise package.