WASHINGTON (AP) — House Republicans have unveiled a broad tax-overhaul plan that would touch virtually all Americans and every corner of the economy.
It would offer sharply lower rates for corporations and reduced personal taxes for many. But it would give fewer deductions to home-buyers and families with steep medical bills.
The measure would be the most extensive rewrite of the nation’s tax code in three decades. It’s the product of a party that faces increasing pressure to produce a big legislative victory before next year’s elections.
GOP leaders praised the plan as a sparkplug for the economy and a boon to the middle class and christened it the Tax Cuts and Jobs Act.
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