Republicans in the House and Senate have reportedly reached an agreement for the final version of their tax overhaul bill. Aides told The Associated Press that while certain details still need to be reviewed, the final legislation will likely be unveiled later this week.
Although specific details were not immediately available, lawmakers had been working on getting the bill to a final vote next week that would lower the corporate tax rate to 21 percent and the top individual tax rate from 39.6 percent to 37 percent, The New York Times reports. The versions of the bill passed by the House and Senate lowered the corporate tax rate to 20 percent. The individual rate is being lowered due to the concerns of wealthy taxpayers, who are afraid that because the Republicans want to eliminate several individual deductions, their taxes will go up.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Will divisions over trans issue derail Keir Starmer's government?Today's Big Question Rebellion is brewing following the Supreme Court's ruling that a woman is defined by biological sex under equality law
-
Why UK scientists are trying to dim the SunIn The Spotlight The UK has funded controversial geoengineering techniques that could prove helpful in slowing climate change
-
Gandhi charges: Narendra Modi's 'vendetta' against India's oppositionThe Explainer Another episode threatens to spark uproar in the Indian PM's long-running battle against the country's first family
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
