GOP tax bill would be broadest tax code rewrite in 30 years
The measure, which would be the most extensive rewrite of the nation's tax code in three decades, is the product of a party that faces increasing pressure to produce a marquee legislative victory of some sort before next year's elections.
"We are working to give the American people a giant tax cut for Christmas," President
It would also increase the national debt, a problem for some
"If you're the wealthiest 1 percent,
And there was enough discontent among
Underscoring problems ahead, some
The
The package's tax reductions would outweigh its loophole closers by a massive
The bill would telescope today's seven personal income tax brackets into just four: 12 percent, 25 percent, 35 percent and 39.6 percent.
—The 25 percent rate would start at
—The 35 percent rate would apply to family income exceeding
—The top rate threshold, now
The standard deduction — used by people who don't itemize, around two-thirds of taxpayers — would nearly double to
Many middle-income families would pay less, thanks to the bigger standard deduction and an increased child tax credit.
"The plan clearly chooses corporate CEOs and hedge fund managers over teachers and police officers," said Rep.
One trade-off for the plan's reductions was its elimination of breaks that millions have long treasured. Gone would be deductions for people's medical expenses — especially important for families facing nursing home bills or lacking insurance — and their ability to write off state and local income taxes. The mortgage interest deduction would be limited to the first
Led by Rep.
"It's progress, but I want more," said Rep.
On the business side, the House would drop the top rate for corporations from 35 percent to 20 percent. American companies operating abroad would pay a 10 percent tax on their overseas subsidiaries' profits. Cash that those firms have amassed abroad but now return home would face a one-time 12 percent tax.
AP writers
This story has been corrected to say 52
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