GOP proposes big tax cuts, spending curbs

"Despite spending reductions, the plan projects permanent deficits exceeding $500 billion into the future, fueled largely by big tax cuts."

"The GOP plan would offer a dramatically simplified tax code in which couples would have the option of a 10 percent rate on the first $100,000 of income, with a 25 percent rate thereafter, with the first $25,000 of income exempt from taxation. Single filers could get a $12,500 exemption and a 10 percent rate on income up to $50,000."

"Taxpayers could also opt to remain in the current system. On Medicare, workers under the age of 55 would enroll in private plans and receive premium subsidies equal to the average Medicare benefit when they retire. Benefits would not be changed for people in the program or people 55 or older."