Mark Meadows

Republicans rush toward deal on tax package that would lower top tax rate for wealthy Americans

Republicans rush toward deal on tax package that would lower top tax rate for wealthy Americans

Congressional Republicans on Tuesday rushed toward a deal on a massive tax package that would reduce the top tax rate for wealthy Americans to 37 percent and slash the corporate rate to a level slightly higher than what businesses and conservatives wanted.

In a flurry of last-minute changes that could profoundly affect the pocketbooks of millions of Americans, House and Senate negotiators agreed to expand a deduction for state and local taxes to allow individuals to deduct income taxes as well as property taxes. The deduction is valuable to residents in high-tax states like New York, New Jersey and California.

Negotiators also agreed to set the corporate income tax rate at...

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