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Article snippet: WASHINGTON — Republican lawmakers unveiled a sweeping rewrite of the tax code on Thursday, outlining a $1.5 trillion plan that will deliver a significant tax cut for corporations and more modest savings for middle-class families while tilting the United States closer, but not entirely, toward the kind of tax system long championed by businesses. The House plan, released after weeks of internal debate, conflict and delay, immediately ignited a legislative and lobbying fight as business groups, special interests and Democrats began tearing into the text ahead of a Republican sprint to get the legislation passed and to President Trump’s desk by Christmas. Lawmakers appeared unfazed by the blowback and scheduled the first official “markup” of the bill for Monday. “With this plan, we are making pro-growth reforms, so that yes, America can compete with the rest of the world,” said Speaker Paul D. Ryan of Wisconsin. The bill is heavily weighted toward business, which would receive about $1 trillion in net cuts, or two-thirds of the total, according to calculations by the Joint Committee on Taxation. At its center is a proposal to permanently cut the corporate tax rate to 20 percent from 35 percent — a change that is estimated to reduce federal revenues by $1.5 trillion over the next decade alone. For individuals, the plan establishes three tax brackets — 12, 25 and 35 percent — instead of the seven that exist now and maintains a top rate of 39.6 percent for millionaires... Link to the full article to read more