Senate and House GOP Reach Tax Deal

The day after suffering a political blow in the Alabama special Senate election, congressional Republicans sped forward with the most sweeping tax rewrite in decades, announcing an agreement on a final bill that would cut taxes for businesses and individuals and signal the party’s first major legislative achievement since assuming political control this year.

Republicans who control Congress said Wednesday they had struck a deal on legislation to overhaul the tax code, but they refused to release details amid reports tax rates would increase for corporations and drop for people with the highest incomes.