House Republicans have unveiled another tax reform package. It would lock in individual tax rate cuts well past the original expiration date of 2025.
President Donald Trump signed the $1.5 trillion tax overhaul into law last year. That law lowered the corporate tax rate permanently from 35 percent to 21 percent. It also temporarily lowered individual tax rates and almost doubled the standard deduction.
This new reform package would make cuts to individual tax rates permanent and lock in the new standard deductibles of $12,000 for an individual and twice that for a married couple.
It would also let small businesses join forces in offering retirement savings plans.
And for some retirees, the reform would remove minimum amounts they have to take out of their retirement savings accounts every year.
Some Republicans have said they want the legislation to pass in the House before midterm elections in November, but there are a few who don't think it'll pass in the Senate at all.