Shares of manufacturing and transportation companies moved higher as investors assessed House Republicans' proposal to conduct the biggest transformation of the tax code in decades.
The Tax Cuts and Jobs Act would chop the corporate tax rate from 35% to 20%, compress the number of individual income tax brackets, and repeal the taxes paid by large estates starting in 2024, according to a summary of the plan reviewed by The Wall Street Journal. To partly offset that lost revenue, Republicans plan to curtail the deductions individuals take for state and local tax payments and the ones businesses get for the interest they pay on debt. But the plan released Thursday morning stops short of touching other popular tax breaks that were being considered for change, such as the ability of individuals to park up to $18,000 a year in pretax funds into 401(k) savings accounts.
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Bombardier missed analysts' revenue estimates in its latest quarter as the plane and train maker touted its new partnership with Airbus SE as a "game-changing" step that will revitalize the company.
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(END) Dow Jones Newswires
November 02, 2017 17:54 ET (21:54 GMT)