- A summary of the House Republicans' tax plan reviewed by WSJ includes a permanent cut in the corporate rate to 20%, with the 39.6% top rate retained for millionaires.
- The so-called Tax Cuts and Jobs Act would shrink the number of individual income tax brackets and repeal the taxes paid by large estates starting in 2024, according to WSJ.
- The plan also would cut individual deductions for state and local tax payments - which is certain to be opposed by representatives from high-tax states - and business deductions for the interest paid on debt; it leaves intact other tax breaks that were considered for change, such as placing up to $18K/year into 401(k) savings accounts, but would limit the home mortgage deduction to homes under $500K.
- The House Ways and Means Committee plans to consider the bill next week, hoping to turn it into law by Christmas and having most of it take effect in 2018.
- The major stock market indices - SPY, QQQ, DIA - are little changed.
- Now read: Bloomberg Consumer Comfort Index: +0.7 to 51.7
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WSJ: House GOP tax bill would cut corporate rate to 20%
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