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What's in the House GOP tax plan?
House Republican leaders on Thursday, Nov. 2 proposed legislation that would overhaul the U.S. tax code. Here's what you need to know about it. (Monica Akhtar/The Washington Post)
House Republican leaders on Thursday proposed legislation that would overhaul the U.S. tax code, slash corporate and individual income tax rates and jettison numerous tax breaks Americans and businesses have used for years to limit their tax bills.
The release of the proposal accelerates a frantic political effort that could impact almost every American household and business. In a number of cases, the tax plan cuts back on tax benefits for families and individuals while expanding tax benefits for companies.
The Tax Cuts and Jobs Act would lower the corporate tax rate from 35 percent to 20 percent and collapse the seven tax brackets paid by families and individuals down to four. It would create giant new benefits for the wealthy by cutting business taxes, eliminating the estate tax, and ending the alternative minimum tax.