Kevin Brady

House Republican leaders plan to unveil a tax bill Thursday that would cut the corporate tax rate to 20 percent and leave it there—abandoning an earlier plan to phase out the rate cut over time, said a person familiar with discussions on the bill.

Treasury Secretary Steven Mnuchin is resisting a gradual phase-in of the proposed 20 percent corporate rate out of concern the move wouldn’t boost economic growth as much as he’s anticipated, according to a Trump administration official and another person familiar with Mnuchin’s thinking.

Tax chief Kevin Brady has announced a plan to ‘work through the night’ on the bill.

A hectic, confusing day precedes a late-night bill postponement as the timing of the corporate rate and SALT deductions remain in question.

House tax writers have completed about 90 percent of the tax bill they plan to release this week, Ways and Means Chairman Kevin Brady said Monday—but the last part may be the hardest.

Bowing to concerns from Republican House members in high-tax states, the chamber’s chief tax writer said he’ll preserve a federal income-tax break for property taxes.

Cutting the corporate tax rate to 20 percent would boost U.S. economic growth by 3 to 5 percent over time, according to an analysis produced by President Donald Trump’s White House.

Republicans are barreling into a lobbying frenzy next week, when House Ways and Means Chairman Kevin Brady plans to unveil a sweeping tax bill to remake the U.S. economy that’s being crafted with rigorous secrecy.

House Republicans narrowly adopted a budget resolution Thursday unlocking a fast-track process to achieve their long-sought goal of cutting Americans’ taxes by the end of the year. The next step will be releasing a draft tax measure as early as Nov. 1.

Congress is trying to ram through a bill that would reshape the U.S. economy in just a few short weeks, but its leaders have kept the plan shrouded in secrecy and released not a word of legislative text.