Bipartisan tax reform legislation is advancing through Congress with surprising speed, promising significant changes for both corporations and individuals. The proposals include adjustments to corporate rates, expanded credits for research and development, and simplified individual tax brackets.
The proposed legislation would reduce the corporate tax rate from 21% to 18% for companies meeting certain domestic investment thresholds. In exchange, lawmakers are seeking to close various loopholes that allow multinational corporations to shift profits overseas.
"This is the most significant tax reform effort since 2017," said Senate Finance Committee Chair Robert Johnson. "We have found common ground on policies that will boost economic growth while ensuring everyone pays their fair share."
Individual taxpayers would see simplified brackets and an expanded standard deduction. The child tax credit would be made permanent at $3,000 per child, up from the current $2,000.
Business groups have largely praised the proposals, though some industries are lobbying against specific provisions that would affect their tax positions. The legislation is expected to reach the floor vote by February 2026.
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