If the top individual tax rate were lowered to 25% from the current 39.6%, as favored by Republicans, and the alternative minimum tax were repealed, it would cost $3.77 trillion over 10 years, according to a Joint Committee on Taxation report released Wednesday.

The JCT prepared estimates of a proposal that would repeal the individual AMT, reduce individual income rates to 25%, and reduce the corporate tax rate to 25%, in response to a request from the House Ways and Means Committee's ranking minority member Rep. Sandy Levin, D-Mich.

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