GOP Plan Lowers Tax Rates, Imposes Wealthy Surtax

House Republicans are set to unveil a plan to simplify the tax code.

The proposal would lower the top tax rate from 39.6 percent to 25 percent. It would also add a 10 percent surcharge on some income over $450,000.

The surtax would not apply to capital gains or stock dividends.

Republicans said the plan overhauls the tax code by lowering individual and corporate rates.

The measure won't pass without Democratic support, so it's seen largely as a political strategy for the 2014 elections.

The plan would raise about as much money as the current tax structure.