December 15, 2017 / 10:22 PM / a year ago

Final U.S. Republican tax bill slashes corporate rate -summary

WASHINGTON, Dec 15 (Reuters) - The U.S. tax overhaul agreed to by congressional Republicans would cut the corporate rate to 21 percent and provide other business owners with a 20 percent tax deduction, details contained in an official summary of the legislation showed on Friday.

The document, provided by Republicans on the tax-writing House of Representatives Ways and Means Committee, also said the forthcoming bill would maintain seven individual tax brackets with a reduced 37 percent rate for the wealthiest Americans.

Reporting by David Morgan; Editing by Kevin Drawbaugh and Will Dunham

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