House Republicans’ long-awaited tax overhaul bill will keep the top individual rate at 39.6 percent for high-income earners and will immediately and permanently cut the corporate rate to 20 percent.

 

The legislation seeks to revamp the tax code in a major way for the first time since 1986, incorporating long-sought goals of congressional Republicans to keep more money in the pockets of individuals and families and boost incentives for businesses by closing loopholes.

 

The bill would collapse seven tax brackets for individuals to four brackets with rates of 12, 25, 35 and 39.6 percent. 

 

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