Republican tax bill urges corporate tax cut, other changes

WASHINGTON (Reuters) – Congressional Republicans on Thursday called for a range of changes to the U.S. tax code, including slashing the corporate tax rate and reducing the number of tax brackets for individuals, according to a summary document obtained by Reuters.

Largely in line with expectations for the tax-cut plan they have been developing for weeks, the House of Representatives tax committee proposed doubling the standard deduction for individuals and families, capping the deduction for state and local property taxes at $10,000 and maintaining the current tax treatment of 401(k) and IRA retirement pension plans.

The summary provided details for draft legislation that was expected to undergo further changes, with weeks and possibly months to go before any decisive action by Congress.

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