The Republican proposal would:
* Reduce the lowest individual tax rates from 15 percent to 10 percent and from 10 percent to five percent.
* Allow small businesses a tax deduction up to 20 percent of income.
* Finance a $7,500 credit for home-buyers who put down at least 5 percent.
* Expand Net Operating Loss carryback rules to give companies that have been profitable in the past but are now losing money prompt infusions of cash.
* Provide an above-the-line tax deduction for private health insurance to equalize tax treatment between those who have employer-sponsored health plans and those who don't.
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