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Keyword: taxreformbill

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  • GOP unveils final version of tax reform bill

    12/15/2017 3:07:31 PM PST · by jazusamo · 115 replies
    Fox News ^ | December 15, 2017 | Samuel Chamberlain
    Congressional Republicans unveiled the most sweeping overhaul of the nation’s tax code Friday evening with an eye toward final passage next week after two key GOP senators endorsed the legislation. The final version of the so-called Tax Cuts and Jobs Act keeps seven tax brackets, but reduces rates for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent. The corporate tax rate is reduced from 35 percent to 21 percent and the bill provides sweeping tax deductions to other businesses, lowering their top effective tax rate to about...