By Erik Wasson - 07/19/11 05:09 PM EDT
The Budget Committee would be left to decide discretionary caps after 2015 and before 2021.
Finance would be required to reduce tax rates to three tax brackets of rates: of 8-12 percent, 14-22 percent and 23-29 percent. The current top marginal rate is 35 percent.
The corporate tax rate would be between 23 percent and 29 percent, and tax reform would cease taxation of oversees profits.
Sens. Kent Conrad (D-N.D.), Mark WarnerMark WarnerLeahy wants Judiciary hearing on Yahoo The Hill's 12:30 Report Yahoo failed to prioritize security: report MORE (D-Va.), Dick DurbinDick DurbinDems gain upper hand on budget McConnell: Senate could drop flood money from spending bill Funding bill rejected as shutdown nears MORE (D-Ill.), Mike CrapoMike CrapoLawmakers play catch-up as smartphone banking surges Senate panel approves pension rescue for coal miners Bank lobbyists counting down to Shelby’s exit MORE (R-Idaho), Saxby ChamblissSaxby ChamblissWyden hammers CIA chief over Senate spying Cruz is a liability Inside Paul Ryan’s brain trust MORE (R-Ga.) and Tom CoburnTom CoburnRyan calls out GOP in anti-poverty fight The Trail 2016: Words matter Ex-Sen. Coburn: I won’t challenge Trump, I’ll vote for him MORE (R-Okla.) back the Gang plan and are hoping to get 60 senators to support it within the next few days. The framework could be attached to the debt-ceiling compromise.