Republicans unveil legislation to overhaul tax code

Updated:1 year ago IST

Washington D.C. (USA), Nov 03 (ANI): Republicans in the House of Representatives on Thursday unveiled long-awaited legislation to overhaul the tax code. The proposed legislation permanently slashes the corporate tax rate to 20 percent from 35 percent. For individuals and families, it reduces the number of income tax brackets to cut their tax rates and doubles the standard deduction. The legislation also caps the deduction for state and local property taxes at $10,000. Interest deduction on home mortgages is capped at $500,000. The bill is still to pass the House and Senate. Senate Republican leaders say they aim to get it done by the year-end. But, President Donald Trump doesn't want to wait that long.

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