US: Tax legislation unveiled
Written by : SMTV24x7 | Thu, Nov 02, 2017, 10:05 PM
On Thursday the long-awaited legislation for tax was unveiled. The legislation called for slashing the corporate tax rate to 20% from 35% and reducing the number of tax brackets for individuals.
The House tax-writing Ways and Means Committee proposed doubling the standard deduction for individuals and families, capping the deduction for state and local property taxes at $10,000 and maintaining the current tax treatment of 401(k) and IRA retirement plans.
Trump said at the White House this week that he wanted Congress to pass the tax overhaul by the US Thanksgiving holiday on Nov. 23.
The tax-writing House Ways and Means Committee has been drafting the bill, and Republican Chairman Kevin Brady has promised to release it on Thursday. A spokesman for Republican House Speaker Paul Ryan said it would be formally announced at 11:15 a.m.