(NBC NEWS) WASHINGTON — House Republicans unveiled their long-awaited tax reform legislation Thursday, kicking off a fight that many in party feel they must win before the end of the year if they hope to preserve their congressional majorities in the midterm elections in 2018.
House Speaker Paul Ryan, R-Wis., and GOP tax writers put forward a bill that would trim the number of tax brackets, while raising the standard deduction from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples, according to a GOP summary of the plan.
The plan, which is subject to change, would cut the corporate tax rate to 20 percent from 35 percent, while eliminating the estate tax after six years.
