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Republicans have released their final version of the tax plan Friday and they are expected to have the votes to pass it through. Both the House and Senate are hoping to pass it by the middle of next week.
Amongst the changes, the new tax bill will maintain 7 different individual income tax brackets at different rates: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent. The top rate would be a drop from the current 39.6 percent. The House originally proposed collapsing the system to four brackets, saying it would simplify the filing process, but this did not make it through.
It would also drop the corporate tax rate to 21% from its current 35%, effective next year. All of the changes supplied by the Republican summary can be found in the CNBC article. (source) 5:37 p.m. ET December 15, 2017