The House of Representatives Budget Committee Chairman has introduced the 2015 budget calling on Congress to reform the tax code to simplify the provisions; lower the individual and corporate tax rates to a 25% top rate; reform many tax reliefs; repeal the Alternative Minimum Tax and move towards a more territorial international tax system. Although the Bill does not specify the precise manner in which the simplification process would take place one possibility is that a flat tax for individuals and businesses could be considered, with a rate around 19 percent initially and later reducing to 17 percent. This type of simplification plan would also involve scrapping the estate and gift taxes and allow exemptions for services or property acquired for the purposes of business, export or investment.
