House Republicans released a tax-reform bill Thursday that would cut the corporate tax rate to 20 percent from 35 percent. The plan also includes cuts to individual tax rates and increases the standard deduction for individuals and families, according to talking points released by Republicans. Retirement plans including 401(k)s appear to be untouched and the top tax rate for wealthy Americans would remain the same.
Tax writers began briefing their colleagues on the details Thursday morning.
House Republican leaders have begun briefing colleagues on their long-anticipated plan to overhaul the tax code, kicking off what is likely to be a grueling slog to get legislation to President Donald Trump by the end of the year.
The proposal due to be released Thursday is expected to call for the biggest rewrite of the code in a generation. It will call for cuts in tax rates on businesses and most individuals in exchange for killing scores of narrowly drawn tax breaks.