(MENAFN) American Republicans from both Congress houses have uncovered their joint bill for the largest renovate of the country's tax system in 30 years.
The new plan brings the corporate tax rate of the US down to 21% from the existing 35%, while the leading individual income tax falls to 37% from 39.6%.
However, democrats argue that tax reduces will benefit only the rich and give little to the middle calss, while the non-partisan Joint Committee on Taxation said the measures would put in as much as 1.4t USD to the 20t USD national debt over 10 years.
The agreement of Friday was reached after hours of discussions, in which the bill's supporters tried to win over wavering Republicans.
MENAFN1712201700450000ID1096242208
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.