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Republicans fully turned their attention to reforming the U.S. tax code on Wednesday, unveiling their proposal to dramatically lower taxes on businesses and many households.
The framework, a joint product of the Trump administration and Republican leadership, calls for lowering the corporate rate from 35 percent to 20 percent; bringing the rate for so-called pass-through businesses to 25 percent; and collapsing the current seven personal tax brackets to just three.
Read the full text of the framework here: