GOP leaders unveil key details in new tax plan

House Republicans yesterday revealed details of its new tax plan, dubbed the Tax Cuts and Jobs Act.

The proposal would lower the number of tax brackets from seven to four and increase the standard deduction. It would also eliminate the deduction for state and local taxes, aka SALT, among other provisions.

"It's very clear and obvious that the whole purpose of this is a middle-class tax cut," House Speaker Paul Ryan said. "And more to the point, we need to get faster economic growth."

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