10 Key Facts About the Republican Tax Plan
Republican leaders in Congress rolled out their long-anticipated tax bill, known as the Tax Cuts and Jobs Act, on Thursday. At long last, we have some key details about what a tax reform package might look like. To put some numbers behind the rumors, here are 10 key facts we just learned about the tax bill as it stands now.
The Tax Cuts and Jobs Act includes a permanent corporate tax rate of 20%, down from the current rate of 35%.
During and after his campaign, President Trump repeatedly called for a 15% corporate tax rate, but Republican leaders have proposed a slightly less aggressive cut to 20%. Under the Tax Cuts and Jobs Act, corporations would be allowed to take immediate depreciation deductions for expenses over the next five years.
Source: Fool.com
