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18th of November 2018

Economy



GOP's latest tax-cut bill won't pass, but it could roil midterms in high-tax states like California

Dubbed tax reform 2.0, the new House legislation centers on permanently extending the temporary tax cuts for individuals and so-called pass-through businesses that took effect Jan. 1. Those across-the-board cuts, including lowering the top marginal tax rate to 37% from 39.6%, and the cap on state and local tax deductions, expire after 2025.

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