Republicans unveil tax bill

Source: Epoch Times

“Republicans introduced the much-anticipated tax reform legislation on Nov. 2. If the bill passes both chambers, it will be the first major U.S. tax reform since 1986. The House Ways and Means Committee introduced the Republican draft of the tax code rewrite. The markup process — the revision and amendment of the bill in committee — is expected to begin on Nov. 6. According to a summary released, the legislation calls for slashing the corporate tax rate from 35 percent to 20 percent. The plan, named the Tax Cuts and Jobs Act, leaves the top individual tax rate at 39.6 percent, which will be applied to married couples earning more than $1 million a year.” (11/02/17)