Tax rates

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.

U.S. companies that have accumulated trillions of dollars of overseas earnings would be taxed on that stockpiled income at a rate as high as 12 percent under the tax-overhaul bill that House Republicans released Thursday.

House tax writers unveiled what the individual income tax brackets will be under their proposed legislation—with a 39.6 percent rate for households making more than $1 million annually.

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.

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.”

What to look for in the legislative proposal due out Thursday.

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.