House, Senate leaders reach deal on tax package

(FOX News) -- House and Senate GOP leaders forged an agreement Wednesday on a sweeping overhaul of the nation's tax laws, paving the way for final votes next week to slash taxes for businesses, give many Americans modest cuts and deliver the first major legislative accomplishment to President Donald Trump.

Top GOP aides said lawmakers had reached an agreement in principle on the final package. They spoke on condition of anonymity because they were not authorized to talk publicly about private negotiations.

The broad parameters of the deal call for cutting the top tax rate for the wealthy from 39.6 percent to 37 percent, slashing the corporate rate to 21 percent and allowing homeowners to deduct interest on the first $750,000 of a new mortgage.

One congressional aide said the deal was contingent on whether late changes to the bill still complied with budget rules adopted by both the House and the Senate. Lawmakers were waiting to hear back from analysts at the nonpartisan Joint Committee on Taxation.

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