Republicans agree to sweeping changes to U.S. tax system, stocks surge
Updated: 2017-12-16 09:24:56 KST
Republican representatives and senators have unveiled their joint bill for the biggest overhaul of America's tax system in three decades.
Under the plan that is set to be voted on next week, the corporate tax rate in the U.S. will be slashed to 21 percent from the current 35 percent.
The top bracket of individual income tax will also be reduced to 37 percent from 39.six percent.
President Trump has said he wants the bill signed into law before Christmas.
With the tax bill now almost certain to become law, stocks on Wall Street hit record closes yet again on Friday.