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By Fox News, Dec 18, 2017
The House is expected to vote on the so-called Tax Cuts and Jobs Act on Tuesday, with a Senate vote to follow later in the week.
The sweeping legislation keeps seven tax brackets, but reduces rates for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent. The corporate tax rate is reduced from 35 percent to 21 percent, and the bill provides tax deductions to other businesses, lowering their top effective tax rate to about 30 percent instead of 39.6 percent.
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