Charles B. Rangel’s mammoth tax code overhaul checked in Thursday at a cost of $1.3 trillion, as the House Ways and Means Committee chairman unveiled his ambitious fiscal agenda.

The bill’s broad strokes have been known for weeks, if not months: repeal of the alternative minimum tax, expanded benefits for middle-income taxpayers, higher income taxes for the wealthy, a corporate tax rate cut and an array of tax-raising provisions to offset the cost and make the entire package revenue-neutral.

Although the bill will not get a House floor vote this year, its introduction renewed the debate between the parties over fiscal policy.

Republicans pounced swiftly, denouncing the plan as a huge, unnecessary tax increase.

“Imposing higher taxes at this time will doom our economy, put people out of work and cost the federal government revenue that is badly needed, if in fact we’re going to balance the budget,” said House Minority Leader John A. Boehner, R-Ohio.

Rangel defended his approach, pointing out that compared with current law, the bill is revenue-neutral.

“We are not raising taxes,” he said.

Among the more noteworthy provisions, according to a summary of the legislation:

• The corporate income tax rate would drop from 35 percent to 30.5 percent.

• The bill would tax the “carried interest” of private equity managers at ordinary income tax rates, not as capital gains.

• Middle-income and low-income taxpayers would benefit from an increase in the standard deduction by $850 for married couples and $425 for individuals. The earned-income credit would become easier for childless workers to get.

• High-income earners would face a new surtax of up to 4.6 percent on adjusted gross income, which is calculated before many deductions are subtracted. It would also apply to capital gains and dividends, making the top rate on investment income 19.6 percent instead of 15 percent.

• The legislation would place new limits on companies’ ability to defer taxes from overseas operations until they repatriate their profits.