House GOP to introduce 2013 budget that includes major tax reforms (VIDEO)

Republicans in the US House of Representatives will introduce a 2013 budget on Tuesday that includes broad tax reforms, the Wall Street Journal reported.

The budget proposes to cut tax rates and replace the current system of six individual income tax brackets with just two – 10 percent and 25 percent – Reuters reported.

In addition, the GOP plan would lower the top corporate tax rate to 25 percent from 35 percent while nearly eliminating US taxes on American corporations' overseas earnings, the Wall Street Journal reported.

More from GlobalPost: Romney tax plan would lavish cuts on top 1 percent of earners

The plan also would get rid of the Alternative Minimum Tax, according to Reuters.

Destined to be rejected by the Democratic-controlled Senate, the budget has almost no chance of becoming law. However, GOP lawmakers said they planned to use it to draw attention to the differences between Republican and Democratic ideas on taxes, Reuters reported.

"This really sets a contrast between us and what the administration is trying to do,” House Ways and Means Committee Chairman Dave Camp told Reuters. “They want to raise taxes. We want to grow our economy, simplify our tax code and make it fairer," Camp said.

"We don't expect to make law this year, but we expect to give the country an alternative choice for the future," Rep. Paul Ryan, R-Wis., told the Wall Street Journal. "We're going into this election with a specific plan and showing how we could realize it and get it done."

More from GlobalPost: Chinese cars, made in Bulgaria