Republicans released their long-awaited tax overhaul bill late Friday afternoon, drawing months of negotiations to a close and setting up a pair of final votes on Monday and Tuesday.
President Donald Trump has promised to deliver tax relief as a Christmas present. He ran on a pledge of making it happen and the Republican Party is betting that voters flush with newfound money will reward them at the polls.
The Tax Cuts and Jobs Act creates seven new tax brackets, including a 37 per cent rate – down from 39.6 per cent – for top-end wage earners.
The new rates start at 10 per cent and rise to 12, 22, 24, 32, 35 and 37 per cent.
The bill also lowers the top corporate tax rate from 35 per cent to 21 per cent, the largest such reduction in U.S. history.