It's finally here. House Republicans revealed their new tax bill Thursday, and though President Donald Trump has voiced his approval, he admits there is "much work left to do."
Major provisions of the bill include decreasing the number of tax brackets from seven to four, reducing the top corporate income tax rate and increasing the standard deduction, which could affect some popular tax breaks for individuals such as mortgage interest, state and local taxation, charitable giving and student loan interest.
Republican leaders acknowledge the fight ahead but insist that, overall, this is a plan that will give a generational lift to the middle class -- despite Democratic assertions it is just another disguised giveaway to the GOP's rich friends.
Major provisions of the bill include decreasing the number of tax brackets from seven to four, reducing the top corporate income tax rate and increasing the standard deduction, which could affect some popular tax breaks for individuals such as mortgage interest, state and local taxation, charitable giving and student loan interest.
Republican leaders acknowledge the fight ahead but insist that, overall, this is a plan that will give a generational lift to the middle class -- despite Democratic assertions it is just another disguised giveaway to the GOP's rich friends.
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