GOP agrees to lower top tax rate for individuals

Tax Reform Associated Press

Tax reform: New corporate rate confirmed by FBN

FOX Business' Adam Shapiro outlines the new details behind the GOP tax reform bill.

Congressional aides say Republican negotiators have agreed to lower the top tax rate for individuals from 39.6 percent to 37 percent as the final parameters of a sweeping tax package are starting to take shape.

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The agreement was confirmed by two congressional aides who spoke to The Associated Press on condition of anonymity Tuesday because they were not authorized to speak publicly about private negotiations.

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The tax cut could be a windfall for the wealthiest Americans. It could also provide ammunition for Democrats who complain that the tax package is a massive giveaway to corporations and the rich.

Under current law, the top tax rate applies to income above $470,000 for married couples, though lawmakers are completely reworking the tax brackets.

Republican leaders say the tax cuts focus on the middle class.

— By Stephen Ohlemacher

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