Factbox: What's in tax bill from Trump, House Republicans?(Reuters) - Republicans in the U.S. House of Representatives on Thursday released details of a 429-page tax bill that calls for slashing taxes on corporations, along with many other changes affecting individuals, families and businesses. Based on publicly released documents and comments from Republican lawmakers, here are the bill’s main features, which are expected to change as the tax debate unfolds in weeks ahead.  * Permanently reduces the U.S. corporate income tax rate to 20 percent from a current statutory rate of 35 percent, a change that is in line with initial Republican proposals.  * Dramatically reshapes the tax system for U.S. multinational corporations. Worldwide taxation of their foreign profits would end. A territorial tax system exempting those foreign profits from the corporate tax would be imposed.  * Gives multinationals a tax break on $2.6 trillion in profits they have stashed offshore on a tax-exempt basis. The measure would require those profits to be brought into the United States, or repatriated, but not at the full 35-percent corporate tax rate that would normally be due. Instead, those profits would be taxed at only 12 percent for cash assets and 5 percent for illiquid assets. Repatriation tax due under the proposal would be payable over eight years. * Imposes a new 10-percent minimum tax on U.S. companies’ high-profit foreign units, calculated on a global basis, to discourage shifting profits abroad.  * Proposes a tax on foreign companies operating in the United States of up to 20 percent on payments made abroad from U.S. operations. Companies could lower those taxes by putting more operations in the U.S. tax system. * Repeals the 20 percent corporate alternative minimum tax.  ‘PASS-THROUGH’ BUSINESSES * Caps the maximum tax rate on small businesses and other non-corporate enterprises to 25 percent, down from the present maximum rate on “pass-through” income of 39.6 percent. * Sets standards for distinguishing between individual wage income and actual pass-through business income to prevent tax-avoidance abuse of the new, lower tax level. * Allows immediate and full expensing of capital investments by businesses. * Allows businesses to deduct interest costs up to 30 percent of taxable income. Exempts from this rule businesses with average gross receipts of $25 million or less. Certain public utilities and “real property trades” are also exempted. * Preserves the research and development tax credit. * Phases out tax credits for solar, geothermal and wind power. * Consolidates three higher education tax credits into a single credit. * Ends tax-exempt bonds for professional sports stadiums. * Ends deductions for employee entertainment and recreation activities, as well as other fringe benefits. * Consolidates the number of tax brackets from seven to the following: zero tax on income up to $24,000; 12 percent up to $90,000; 25 percent up to $260,000; 35 percent up to $1 million; and 39.6 percent over $1 million. That top bracket is the same as the present level and was added to the bill after critics hammered Republicans’ original proposal to cut the top rate. * Increases the standard deduction for taxpayers to $12,000 from $6,350 for individuals, and to $24,000 from $12,700 for married couples. * Repeals the $4,050 individual personal exemption. * Preserves the home mortgage interest deduction for existing mortgages, but reduces the amount of interest that taxpayers can deduct from their taxes on new mortgages, capping it at $500,000. The cap is now $1 million. * Caps the deduction for state and local property taxes at $10,000. Repeals the deduction for state and local income and sales taxes, a measure that hurts high-income tax states, such as New York, New Jersey and California. * Retains popular retirement savings programs including the 401(k) and IRA pension plans. * Expands the child tax credit to $1,600 from $1,000, and establishes a new $300 credit for each parent and non-child dependent. Also preserves the child and dependent care tax credit. * Preserves the earned income tax credit. * Preserves the deduction for charitable giving. * Changes higher education benefits, such as college tuition, with further details not immediately available. * Repeals the individual alternative minimum tax on high-income taxpayers. * Doubles the exemption from the estate tax on inherited assets and repeals the tax over six years. * Adds $1.51 trillion to the federal budget deficit over a decade. The deficit is now about $700 billion a year. The national debt now exceeds $20 trillion. politicsNews
factor what tax bill trump house republicans reuters republicans house representatives thursday released details tax bill calls slashing taxes corporations along many changes affecting individuals families businesses based publicly released documents comments republican lawmakers bill main features expected change tax debate unfolds weeks ahead permanently reduces corporate income tax rate percent current statutory rate percent change line initial republican proposals dramatically shapes tax system multinational corporations worldwide taxation foreign profits would end a territorial tax system exemption foreign profits corporate tax would imposed gives multinational tax break trillion profits smashed offshore basis the measure would require profits brought united states repatriated full corporate tax rate would normally due instead profits would taxed percent cash assets percent liquid assets repatriation tax due proposal would payable eight years imposes new minimum tax companies foreign units calculated global basis discourage shifting profits abroad proposes tax foreign companies operating united states percent payments made abroad operations companies could lower taxes putting operations tax system reveals percent corporate alternative minimum tax businesses caps maximum tax rate small businesses enterprises percent present maximum rate income percent sets standards distinguishing individual wage income actual business income prevent abuse new lower tax level allows immediate full expensive capital investments businesses allows businesses deduce interest costs percent taxable income exempt rule businesses average gross receipts million less certain public utilities real property trades also exempted preserves research development tax credit phases tax credits solar geothermal wind power consolidated three higher education tax credits single credit ends bonds professional sports stadiums ends deductions employee entertainment recreation activities well fringe benefits consolidated number tax brackets seven following zero tax income percent percent percent million percent million that top bracket present level added bill critics hammered republicans original proposal cut top rate increases standard deduction taxpayers individuals married couples reveals individual personal exemption preserves home mortgage interest deduction existing mortgages reduces amount interest taxpayers deduce taxes new mortgages capping the cap million caps deduction state local property taxes reveals deduction state local income sales taxes measure hurts tax states new york new jersey california retains popular retirement savings programs including k ira pension plans expands child tax credit establishes new credit parent dependent also preserves child dependent care tax credit preserves earned income tax credit preserves deduction charitable giving changes higher education benefits college tuition details immediately available reveals individual alternative minimum tax taxpayers doubles exemption estate tax inherited assets reveals tax six years adds trillion federal budget deficit decade the deficit billion year the national debt exceeds trillion politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Factbox: What's in tax bill from Trump, House Republicans?(Reuters) - Republicans in the U.S. House of Representatives on Thursday released details of a 429-page tax bill that calls for slashing taxes on corporations, along with many other changes affecting individuals, families and businesses. Based on publicly released documents and comments from Republican lawmakers, here are the bill’s main features, which are expected to change as the tax debate unfolds in weeks ahead.  * Permanently reduces the U.S. corporate income tax rate to 20 percent from a current statutory rate of 35 percent, a change that is in line with initial Republican proposals.  * Dramatically reshapes the tax system for U.S. multinational corporations. Worldwide taxation of their foreign profits would end. A territorial tax system exempting those foreign profits from the corporate tax would be imposed.  * Gives multinationals a tax break on $2.6 trillion in profits they have stashed offshore on a tax-exempt basis. The measure would require those profits to be brought into the United States, or repatriated, but not at the full 35-percent corporate tax rate that would normally be due. Instead, those profits would be taxed at only 12 percent for cash assets and 5 percent for illiquid assets. Repatriation tax due under the proposal would be payable over eight years. * Imposes a new 10-percent minimum tax on U.S. companies’ high-profit foreign units, calculated on a global basis, to discourage shifting profits abroad.  * Proposes a tax on foreign companies operating in the United States of up to 20 percent on payments made abroad from U.S. operations. Companies could lower those taxes by putting more operations in the U.S. tax system. * Repeals the 20 percent corporate alternative minimum tax.  ‘PASS-THROUGH’ BUSINESSES * Caps the maximum tax rate on small businesses and other non-corporate enterprises to 25 percent, down from the present maximum rate on “pass-through” income of 39.6 percent. * Sets standards for distinguishing between individual wage income and actual pass-through business income to prevent tax-avoidance abuse of the new, lower tax level. * Allows immediate and full expensing of capital investments by businesses. * Allows businesses to deduct interest costs up to 30 percent of taxable income. Exempts from this rule businesses with average gross receipts of $25 million or less. Certain public utilities and “real property trades” are also exempted. * Preserves the research and development tax credit. * Phases out tax credits for solar, geothermal and wind power. * Consolidates three higher education tax credits into a single credit. * Ends tax-exempt bonds for professional sports stadiums. * Ends deductions for employee entertainment and recreation activities, as well as other fringe benefits. * Consolidates the number of tax brackets from seven to the following: zero tax on income up to $24,000; 12 percent up to $90,000; 25 percent up to $260,000; 35 percent up to $1 million; and 39.6 percent over $1 million. That top bracket is the same as the present level and was added to the bill after critics hammered Republicans’ original proposal to cut the top rate. * Increases the standard deduction for taxpayers to $12,000 from $6,350 for individuals, and to $24,000 from $12,700 for married couples. * Repeals the $4,050 individual personal exemption. * Preserves the home mortgage interest deduction for existing mortgages, but reduces the amount of interest that taxpayers can deduct from their taxes on new mortgages, capping it at $500,000. The cap is now $1 million. * Caps the deduction for state and local property taxes at $10,000. Repeals the deduction for state and local income and sales taxes, a measure that hurts high-income tax states, such as New York, New Jersey and California. * Retains popular retirement savings programs including the 401(k) and IRA pension plans. * Expands the child tax credit to $1,600 from $1,000, and establishes a new $300 credit for each parent and non-child dependent. Also preserves the child and dependent care tax credit. * Preserves the earned income tax credit. * Preserves the deduction for charitable giving. * Changes higher education benefits, such as college tuition, with further details not immediately available. * Repeals the individual alternative minimum tax on high-income taxpayers. * Doubles the exemption from the estate tax on inherited assets and repeals the tax over six years. * Adds $1.51 trillion to the federal budget deficit over a decade. The deficit is now about $700 billion a year. The national debt now exceeds $20 trillion. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: factor what tax bill trump house republicans reuters republicans house representatives thursday released details tax bill calls slashing taxes corporations along many changes affecting individuals families businesses based publicly released documents comments republican lawmakers bill main features expected change tax debate unfolds weeks ahead permanently reduces corporate income tax rate percent current statutory rate percent change line initial republican proposals dramatically shapes tax system multinational corporations worldwide taxation foreign profits would end a territorial tax system exemption foreign profits corporate tax would imposed gives multinational tax break trillion profits smashed offshore basis the measure would require profits brought united states repatriated full corporate tax rate would normally due instead profits would taxed percent cash assets percent liquid assets repatriation tax due proposal would payable eight years imposes new minimum tax companies foreign units calculated global basis discourage shifting profits abroad proposes tax foreign companies operating united states percent payments made abroad operations companies could lower taxes putting operations tax system reveals percent corporate alternative minimum tax businesses caps maximum tax rate small businesses enterprises percent present maximum rate income percent sets standards distinguishing individual wage income actual business income prevent abuse new lower tax level allows immediate full expensive capital investments businesses allows businesses deduce interest costs percent taxable income exempt rule businesses average gross receipts million less certain public utilities real property trades also exempted preserves research development tax credit phases tax credits solar geothermal wind power consolidated three higher education tax credits single credit ends bonds professional sports stadiums ends deductions employee entertainment recreation activities well fringe benefits consolidated number tax brackets seven following zero tax income percent percent percent million percent million that top bracket present level added bill critics hammered republicans original proposal cut top rate increases standard deduction taxpayers individuals married couples reveals individual personal exemption preserves home mortgage interest deduction existing mortgages reduces amount interest taxpayers deduce taxes new mortgages capping the cap million caps deduction state local property taxes reveals deduction state local income sales taxes measure hurts tax states new york new jersey california retains popular retirement savings programs including k ira pension plans expands child tax credit establishes new credit parent dependent also preserves child dependent care tax credit preserves earned income tax credit preserves deduction charitable giving changes higher education benefits college tuition details immediately available reveals individual alternative minimum tax taxpayers doubles exemption estate tax inherited assets reveals tax six years adds trillion federal budget deficit decade the deficit billion year the national debt exceeds trillion politicsnews