New (and final?) GOP tax reform bill revealed

The bill would cut the corporate income tax rate to 21 percent from 35 percent, according to the summary. Corporate tax lobbyists have been seeking such a dramatic cut for many years.

It would also create a 20-percent business income tax deduction for owners of “pass-through” businesses, such as partnerships and sole proprietorships; allow for immediate write-off by corporations of new equipment costs; and eliminate the corporate alternative minimum tax, according to the summary.