The bill cuts the corporate tax rate from 35 % to 21 % percent; trims the top individual rate from 39.6 % to 37 %; cuts the top tax rate on «pass through» entities from 39.6 % to 29.6 %; nearly doubles the standard deduction but offsets that by eliminating the personal exemption; expands child credits; trims the state and local tax deduction; and ends the penalty for not buying health insurance. (fortune.com)
The Republican deal features a 21 percent corporate tax rate, starting in 2018, and a top individual rate of 37 percent, CNBC and other outlets reported. (cnbc.com)
The chief tax writer in the House confirmed that the latest tax bill has a top individual rate of 37 %, lower than both the House and Senate said it would be. (cnbc.com)