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 WarnerDem senator's daughter could face Congress over EpiPen price hike Judge rejects settlement in major Uber driver status case Fidelity denies lobbying for student loan tax break MORE (D-Va.), Dick DurbinDick DurbinTrump poised to betray primary supporters on immigration Dem wants hearing on EpiPen price hikes Legislators privacy fight coincides with FCC complaint MORE (D-Ill.), Mike CrapoMike CrapoGOP warming up to Cuba travel Ann Coulter: VP pick is Trump's first mistake Overnight Finance: Freedom Caucus moves to impeach IRS chief | Calls for US-UK trade talks | Clinton ally offers trade for Trump tax returns 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.