GOP tax-overhaul plan ready

Proposal pares brackets to 2 for most filers: 10%, 25%

Posted: February 26, 2014 at 5:33 a.m.

Senate Minority Leader Mitch McConnell said Tuesday that he sees no chance of tax-overhaul legislation passing this year.

The Republican plan to overhaul and simplify the nation’s tax code is expected to call for a cut in the top corporate income rate, to 25 percent from 35 percent, and a reduction of the seven individual tax brackets to two, at 10 percent and 25 percent, aides familiar with the proposal said.

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Front Section, Pages 1 on 02/26/2014