Article snippet: Not everyone benefits equally from the tax legislation that House Republicans unveiled Thursday. GOP leaders toiled for weeks to decide what deductions and tax breaks should be axed to pay for the tax cuts. That means the bill creates some winners and some losers. Republicans say their plan will simplify the code and provide tax relief to middle-class families. Speaker MORE (R-Wis.) repeatedly touted an example on Thursday of how a family of four earning the median American household income of $59,000 would save $1,182 a year on their taxes, using the proposed doubled standard deduction, reduced tax rate and expanded child tax credits. But Democrats argue that most of the benefits of the GOP tax proposal will flow to the ultra-wealthy and corporations. Here’s a look at who stands to gain and who stands to lose out. Winners CorporationsCorporations would get a big tax cut from the GOP’s proposal. The corporate tax rate would go down from the current rate of 35 percent to 20 percent. Republicans say it’s imperative to lower the U.S. corporate tax rate, the highest among other advanced countries, to attract more businesses. Companies would also be allowed to deduct the full costs of buying new equipment for five years. And businesses that had been keeping profits overseas to avoid the 35 percent tax rate would be able to bring the money back, or repatriate, to the U.S., and pay only a 12 percent tax for cash assets. The Business Roundtable, a group of CEOs, threw i... Link to the full article to read more