WASHINGTON (AP) — Generous tax cuts for corporations and the wealthiest Americans would be delivered in a sweeping overhaul of the tax laws, under a new agreement crafted by Republicans in Congress.
Middle- and low-income families would receive smaller tax cuts, though President Donald Trump and Republican leaders have billed the package as a huge benefit for the middle class. The agreement reached Wednesday by House and Senate GOP leaders also calls for scrapping a major tax requirement of the “Obamacare” health law, a step toward the ultimate GOP goal of unraveling the law.
The agreement combines key elements of separate tax bills recently passed by the House and Senate, striking compromises on some of them. The Republicans are pushing to deliver final legislation to Trump before Christmas.