By Lalit K JhaWashington, Dec 16 (PTI) The ruling Republican party today unveiled the final version of their tax bill which promises massive tax cuts for the middle class and businesses. The Tax Cuts and Jobs Act lowers the corporate tax rate to 21 per cent (beginning January 1, 2018) down from 35 per cent, the largest reduction in the history of the US. The voting on the USD 1.5 trillion tax cut bill will be held next week and if passed will be the most sweeping tax overhaul in decades. The White House statement came after the House and the Senate agreed on the unified tax bill. House Speaker Paul Ryan said the bill overhauls Americas tax code to deliver tax relief for workers, families and job creators, and revitalise the nations economy.

Source: India Today December 16, 2017 02:48 UTC