Article snippet: Republican House and Senate negotiators released their thousand-page tax bill Friday evening, getting one step closer to passing sweeping legislation that would provide deep tax cuts for corporations and tax breaks for the wealthy, while offering what most economists say are more limited benefits for middle-class Americans. The Tax Cuts and Jobs Act of 2017 would lower the corporate rate from 35 percent to 21 percent, eliminate the corporate alternative minimum tax which ensures corporations pay at least some tax on their income, lower the top individual income tax rate and raise the threshold for inheritances to be subject to the estate tax. It lowers tax rates overall within seven brackets, and keeps popular deductions including ones for student loans, medical expenses and charitable giving, and curtails the mortgage interest deduction and deductions people take on state and local taxes if they choose not to take the standard tax deduction. Individuals may see some relief in the form of a doubled standard deduction, but at least two independent analyses have found that people making less than $75,000 would actually pay more in taxes in the next ten years. According to the Congressional Budget Office and the staff of the Joint Committee on Taxation’s estimates, the plan would add $1.455 trillion to the deficit over next 10 years. Congress is expected to begin voting on the bill early next week. The White House applauded the plan in a statement an... Link to the full article to read more