The final version of the GOP tax bill would create seven tax brackets, including a new 37%Â rate for top-end wage earners.
That's according to a summary of the measure provided to The Associated Press.
The new rates start at 10%Â and rise to 12, 22, 24, 32, 35 and 37%.
The measure also lowers the top corporate tax rate from 35% to 21%. It provides sweeping tax deductions to other businesses lowering their top effective tax rate to about 30%Â instead of 39.6%.
It retains key tax breaks that would have been killed under previous versions, including a deduction for medical expenses and an exemption for graduate school tuition waivers. It contains a compromise $10,000 deduction for state and local taxes.
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