Home News Ample tax cuts for business, wealthy in new GOP tax accord

Ample tax cuts for business, wealthy in new GOP tax accord

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WASHINGTON — Generous tax cuts for corporations and the wealthiest Americans would be delivered in a sweeping overhaul of the tax laws, under a new agreement crafted by Republicans in Congress.

Middle- and low-income families would receive smaller tax cuts, though President Donald Trump and Republican leaders have billed the package as a huge benefit for the middle class. The agreement reached Wednesday by House and Senate GOP leaders also calls for scrapping a major tax requirement of the “Obamacare” health law, a step toward the ultimate GOP goal of unraveling the law.

The agreement combines key elements of separate tax bills

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