Republican leaders have agreed on a deal to overhaul taxes, according to GOP senators and others briefed on the matter. Here’s what that might look like:
What’s the Deal on Tax Reform?
For a tax plan that wasn’t officially released, we have quite a few details. Corporate tax rate: 21%, instead of 35%. Top individual rate for the richest Americans: 37%, instead of 39.6%. Cap on deductions for state and local income or property taxes: $10,000. Plus, provisions to open the Arctic National Wildlife Refuge to drilling and to drop the Obamacare requirement to buy health insurance. Among the questions: Will...