House Budget Committee Chairman Paul Ryan (R-WI) this morning released the committee’s Fiscal Year 2012 Budget Resolution, Path to Prosperity: Restoring America’s Promise:

Individual tax reform: The current code for individuals is too complicated, with high marginal rates that discourage growth.  This budget embraces the widely acknowledged principles of pro-growth tax reform by proposing to consolidate tax brackets and lowers tax rates, with a top rate of 25 percent, clearing out the burdensome tangle of loopholes that distort economic activity.

Corporate tax reform: American businesses labor under the highest corporate income tax in the developed world.  The perverse incentives created by the corporate income tax do a lot of damage, yet the tax itself raises relatively little revenue.  This budget improves incentives for job creators to work, invest, and innovate in the United States by lowering the corporate rate from 35 percent to a much more competitive 25 percent.