Richard Rubin

The top Republican tax-writer in Congress proposed restructuring the U.S. tax code to eliminate dozens of breaks to pay for reductions in the corporate and individual rates.

The higher tax rates passed by Congress this year have some top U.S. earners seeking last- minute strategies to lower their tax bite as year-end calculations turn up unpleasant surprises.

Senate leaders are poised to reach an agreement as early as today to bring a halt to the fiscal standoff, and now must race the clock to sell the plan to lawmakers before U.S. borrowing authority runs out this week.

Broker specializing in the market predicts widespread adverse impact.