The House of Representatives has just released the Republican party’s proposed tax plan.
Called the “Tax Cuts and Jobs Act,” it outlines the party’s proposed changes to the current U.S. Tax code—both for individuals and for businesses.
There are plenty of opposing takes on the bill: Gary Cohn, White House economic policy director, said the tax bill is “a bill that the president can support” as it includes a middle-income tax cut and a lower business tax rate. House Speaker Paul Ryan (R.Wis.) Says that the average American family would save $1,182 per year.
However, the National Federation of Independent Business, an influential lobby for small businesses, said that it is “unable to support” the bill because it “leaves too many small businesses behind.”
Rather than take any single politician’s word for it, read the tax plan yourself. The full text of the document is below: