Read the GOP’s Tax-Overhaul Framework
Plan would slash corporate rate, reduce number of tax brackets to three from seven.
Joshua Roberts/Reuters
After another defeat on health-care reform on Tuesday, congressional Republicans are moving on to taxes, and a document obtained by The Daily Beast in advance of its official release reveals the framework for the GOP’s plan to overhaul the income-tax code. Under the plan, the corporate tax rate would be cut to 20 percent from 39 percent, and the number of tax brackets will be reduced from seven to three. The rates for those three brackets are 12 percent, 25 percent and 35 percent. The framework, which was developed by the House Ways and Means Committee, the Senate Finance Committee, and the Trump administration, includes a mention of “bipartisan support and participation in the process,” in an apparent nod to some Republican critics of the process by which the Affordable Care Act repeal push was crafted.
—Andrew Desiderio
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