House Republicans aim to introduce their tax bill on Nov. 1, a Capitol Hill source tells CNBC. The plan’s release will follow an expected House vote on the Senate-approved budget plan on Thursday. The Senate resolution unlocks a tool that would allow the tax bill to pass with only a simple majority of Republican votes in the Senate.
The GOP wants to approve a plan by the end of the year to dramatically lower individual and corporate tax rates, double the standard deduction and scrap certain taxes that largely affect wealthier Americans. The party released a framework of its proposal last month, but it lacked some details Republicans aimed to hash out before releasing a draft bill. Read more