The bill would cut the corporate income tax rate to 21 percent from 35 percent, according to thesummary. Corporate tax lobbyists have been seeking such a dramatic cut for many years. Democrats have called the Republican tax legislation a giveaway to corporations and the wealthy that would drive up the federal deficit. The Republican bill would maintain the existing seven individual and family income tax brackets with rates of 10, 12, 22, 24, 32, 35 and 37 percent. Stock markets have been rallying for months in anticipation of sharply lower tax rates for corporations, wealthy financiers and business owners, all of which the bill would deliver.

Source: Huffington Post December 15, 2017 23:15 UTC