On April 15, the House approved H.Con.Res. 34, the House Republican 2012 budget plan. The plan, which was introduced by Budget Committee Chairman Paul Ryan (R-WI), includes a proposed budget for the federal government for fiscal year 2012 and sets out appropriate budgetary levels for fiscal years 2013 through 2021.
The Republican budget calls for reducing the top tax rate for individuals and businesses to 25%, consolidating the number of tax brackets, extending the Bush-era tax cuts, and extending the estate tax provisions of the 2010 Tax Relief Act.
The Senate has adjourned for the spring recess and therefore will not consider H.Con.Res.34 until after its return on May 2.