The latest version of the Senate bill to overhaul the U.S. tax code solves some problems for Republican leadership, but potentially creates a host of others.
The updated chairman's mark would direct more tax relief to lower- and middle-class Americans through several new provisions, including a proposed reduction in the tax rates for the current seven income brackets. But those cuts would now be temporary and expire in 2026. At the same time, the proposal would make the reduction in the corporate tax rate from 35 percent to 20 percent permanent.
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