House Republicans postpone rollout of tax bill

(Image credit: Chip Somodevilla/Getty Images)

last updated 1 November 2017

House Republicans have postponed the release of their tax bill, a congressional aide told The New York Times Tuesday night.

Instead of Wednesday, the bill will be unveiled on Thursday. Over the past several weeks, House Republicans have been holding closed-door meetings, attempting to fill in the tax framework President Trump released in September.

Speaking to conservative groups on Tuesday afternoon, House Speaker Paul Ryan (R-Wis.) announced that the draft bill would immediately cut the top corporate tax rate to 20 percent and would phase in full repeal of the estate tax over several years, a meeting attendee told the Times. Much of the bill remains a mystery, including if the top income tax rate will go up or down and how it would affect pretax retirement savings.

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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.