Tax cuts

House Republican leaders began rolling out a tax bill Thursday that contains sweeping changes for business and individual taxes, including a measure to cut the corporate tax rate to 20 percent.

House Republican leaders began rolling out a tax bill Thursday that contains sweeping changes for business and individual tax rates, including a measure to cut the corporate tax rate to 20 percent.

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.

President Donald Trump called Wednesday for repealing the Obamacare individual mandate in a tax overhaul, a day before House GOP leaders planned to unveil a bill without that provision.

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.

President Donald Trump said Tuesday that “some people have mentioned” phasing in a proposed corporate tax-rate cut as part of broad tax-overhaul legislation that’ll be released Wednesday, but “we’re not looking at that.”

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.

House tax writers are discussing a gradual phase-in for the corporate tax-rate cut that President Donald Trump and Republican leaders want—a schedule that would have the rate reach 20 percent in 2022, according to a member of the chamber’s tax-writing committee and a person familiar with the discussions.