Fewer income tax rates for individuals. CNN obtained a copy Wednesday of a Republican framework for tax reform that has been in the works for months and will finally be presented Wednesday. How individual taxes would changeReduce individual income tax rates: The framework shrinks the number of tax rates to just three from seven today. Increase child tax credit: The framework calls for a "substantially higher" child tax credit, which today is worth $1,000 per child under 17. How business taxes would changeCut corporate tax rate to 20%: Such a drastic drop from today's 35% rate would put the U.S. rate below the 22.5% average in the industrialized world.

Source: CNN September 27, 2017 14:03 UTC