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The House has passed a GOP-backed bill that is to cut taxes for corporations and many more people. Most of the reductions would be directed to businesses, as both the House and Senate bills would cut the corporate tax rate from 35% to 20%. Personal income tax would be reduced through deductions. However, federal deficits are projected to increase by $1.5 trillion over the next decade. (source) 2:01 p.m. ET November 16, 2017

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