The Republican Tax Reform Plan: Everything You Need to Know

The White House and congressional Republicans just released their long-anticipated framework for tax reform, and there are many significant changes for both corporations and individuals contained in the nine-page document. Here's a rundown of the major changes that Americans should know about as the tax reform process gets underway.

The cornerstone of President Trump's tax agenda has always been a massive tax cut for corporations. The logic behind this is that our corporate tax rate is not globally competitive -- the top rate of 35% is well above the 22.5% global average for the industrialized world. In fact, even many Democrats (including former President Obama) have said that the corporate tax structure in the U.S. needs to be reformed.

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Source: Fool.com