Republicans Want Tax Reform, And They Want It Now
Party leaders want to pass a tax reform bill by Thanksgiving and get a final version on the president's desk by Christmas.LEARN MORE
Lawmakers in the House released their plan, dubbed the Tax Cuts and Jobs Act, on Thursday.
House Republicans officially unveiled a proposal for the first major shake-up to the U.S. tax system in over 30 years.
On Thursday, lawmakers released the Tax Cuts and Jobs Act.
The bill aims to make a number of big changes. It proposes cutting the corporate tax rate to 20 percent from 35 percent and caps the mortgage interest deduction for newly purchased homes.
But it doesn't reduce maximum pre-tax contributions to individual retirement accounts or 401(k)s.
The House GOP's plan seems to align with President Donald Trump's proposals on many items, including bumping up the child tax credit and slashing the corporate tax rate.
A key difference from earlier unofficial plans is the proposed changes to the individual tax rates. Trump wanted to slash the current seven tax brackets to three at 12, 25 and 35 percent. The House GOP's plan now keeps a fourth bracket at 39.6 percent for the highest earners.
The administration has reportedly been exploring options that President Joe Biden could deploy on his own without congressional approval.
Some lenders are fine-tuning their focus on customers, and working to promote products to fund Black-owned small businesses.
The Biden administration intends to balance the needs of AI companies with the rights and security needs of consumers and the nation.
Researchers studying baleen whales found they have evolved a specialized voice box that isn't found in any other animals.
Court records show the shooting started over an altercation about multiple people "staring at each other."
The girl was identified as one of two siblings from Indiana who went into the deep hole on a South Florida beach.