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Negotiators strike deal in principle on tax bill

Senate and House negotiators have struck an “agreement in principle” on the tax bill and are now just cleaning up some of the details on paying for it, says a Republican source familiar with the talks. An official announcement is expected later today.

The deal would lower the top individual tax rate to 37 percent and set the corporate tax rate at 21 percent, slightly higher than the initial 20 percent rate. The deduction for pass-through companies will be set at 20 percent, somewhat lower than the 23 percent included in the Senate-passed bill.

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