GOP unveils final $1.5T tax reform bill '31 years in the making'

Via Billy

Congressional Republicans unveiled the most sweeping overhaul of the nation’s tax code in three decades Friday evening with an eye toward final passage next week after two key GOP senators endorsed the legislation.

"This is happening. Tax reform under Republican control of Washington is happening," House Speaker Paul Ryan, R-Wis., told rank-and-file members in a conference call. "Most critics out there didn't think it could happen. ... And now we're on the doorstep of something truly historic."

The final version of the so-called Tax Cuts and Jobs Act keeps seven tax brackets, but reduces rates for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent. The corporate tax rate is reduced from 35 percent to 21 percent and the bill provides sweeping tax deductions to other businesses, lowering their top effective tax rate to about 30 percent instead of 39.6 percent.

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