Below is an instruction that describes a task. Write a response that appropriately completes the request.

### Instruction:
identify whether following news is true or not

Input:
Factbox: What's in tax bill U.S. House Republicans are debating?;"(Reuters) - The U.S. House of Representatives’ tax panel continued debating amendments on Tuesday to a tax bill offered by congressional Republicans and President Donald Trump. The following are its major provisions, grouped as revenue-losing tax cuts or revenue-gaining tax increases, based on 2018-27 fiscal estimates by Congress’s nonpartisan Joint Committee on Taxation. CORPORATE RATE. Cuts corporate income tax rate to 20 percent from 35 percent. Federal revenue loss: $1.5 trillion over 10 years from 2018 through 2027. PASS-THROUGHS. Caps maximum tax rate on small businesses and other non-corporate enterprises at 25 percent, down from present top rate on “pass-through” income of 39.6 percent. Sets rules for distinguishing between individual wage income and actual pass-through business income to block abuse. Loss: $448 billion. TERRITORIAL SYSTEM. Ends ‘worldwide’ system used by United States to tax corporations’ domestic and foreign profits. Adopts ‘territorial’ system making foreign profits brought into the country tax-exempt. Ends ‘deferral’ rule that lets corporations hold foreign profits abroad tax-free. Loss: $205 billion. CAPITAL EXPENSING. Allows businesses to immediately write off, or expense, at full value certain new capital investments. Relaxes similar write-off requirements for small businesses. Allows more businesses to use cash accounting and other simplified accounting formats. Loss: $66 billion. CORPORATE MINIMUM. Repeals 20 percent federal corporate alternative minimum tax. Loss: $40 billion.  REPATRIATION. Imposes mandatory one-time tax on $2.6 trillion in foreign profits held abroad under deferral rule, at 12 percent for cash; 5 percent for illiquid assets. Both are far below the 35 percent rate corporations would owe if they brought the same profits into the country, or repatriated them, under present law. Tax due as a result of one-time tax would be payable over eight years. Gain: $223 billion. INTEREST DEDUCTIONS. Limits interest cost deductions to 30 percent of taxable income. Exempts businesses with average gross receipts under $25 million, some public utilities and “real property trades.” Gain: $172 billion. NOL CARRY. Tightens carry-back and carry-forward by businesses of net operating losses (NOL). Gain: $156 billion. FOREIGN COMPANIES. Slaps 20 percent excise tax on large, foreign-owned companies active in U.S. market that import goods and pay royalties or other tax-deductible, non-interest fees to foreign parents. Exempts those that agree to treat these payments as income connected to their U.S. business and subject to overall U.S. income tax. Gain: $154 billion. DOMESTIC PRODUCTION. Repeals deduction for domestic production activities. Gain: $95 billion. MINIMUM TAX. Imposes new 10 percent minimum tax on U.S. companies’ high-profit foreign units. Gain: $77 billion. VETERANS, DISABLED, KIDS. Repeals tax credits that subsidize business costs of testing for rare diseases; employer-provided child care; fixing historic buildings; first-year wage costs for veterans, poor people, ex-prisoners and kids working summer jobs; providing access for disabled; and Social Security on waiters’ and waitresses’ tips. Gain: $73 billion. STADIUMS. Repeals tax deduction for government bonds to subsidize stadiums and other projects. Gain: $57 billion. FRINGE BENEFITS. Curbs deductions for entertainment, amusement and recreation facilities. Gain: $34 billion. LIKE-KIND. Closes loophole some taxpayers use to avoid tax on gains in property values by swapping for similar property in “like-kind exchanges.” Gain: $30 billion. CLEAN ENERGY. Repeals or curtails tax credits for producing  electricity from wind, biomass, geothermal, solar, municipal waste and hydro power; constructing alternative energy plants; and installing alternative energy equipment. Gain: $15 billion. FDIC PREMIUMS. Limits federal deductibility of big banks’ Federal Deposit Insurance Corporation premiums. Gain: $14 billion. STATEHOUSE LOBBYING. Restricts deductions for incentives from state and local governments to stop a business from relocating and local government lobbying. Gain: $8 billion. ROLL-OVERS. Tightens rules on rolling over gains from stock sales into a small business; selling inventions, patents and copyrighted material; and ending partnerships. Gain: $4 billion. FEWER BRACKETS. Consolidates tax brackets from seven to the following: For married couples filing jointly, zero tax on income up to $24,000; 12 percent from $24,000 to $90,000; 25 percent from $90,000 to $260,000; 35 percent from $260,000 to $1 million; 39.6 percent over $1 million. For unmarried individuals and married couples filing separately, the bracket thresholds would be about half of those above, except the 35 percent bracket for unmarried individuals would click in at $200,000. Revenue loss: $1.1 trillion. STANDARD DEDUCTION. Increases standard deduction for taxpayers to $12,200 from $6,350 for individuals, and to $24,400 from $12,700 for married couples. Loss: $913 billion. AMT. Repeals alternative minimum tax on high-income taxpayers. Loss: $695 billion. CHILD TAX CREDIT. Expands child tax credit to $1,600 from $1,000. Creates $300 credit for parent and non-child dependent. Preserves child and dependent care credit. Loss: $640 billion. INHERITANCES. Doubles exemption from estate tax on inherited assets and repeals tax over six years. Loss: $172 billion. PERSONAL EXEMPTION. Repeals $4,050 individual personal exemption. Revenue gain. $1.6 trillion MORTGAGES, STATE AND LOCAL TAXES AND MORE. Lowers cap on interest deduction for new mortgages to $500,000 from $1 million in home debt. Repeals mortgage interest deduction for second homes. Repeals deduction for state and local income and sales tax paid by individuals and families, but preserves it for business owners. Caps deduction for state and local property tax paid at $10,000. Repeals deductions for personal casualty losses, tax preparation costs and medical expenses. Repeals cap on itemized deductions for high-earners. Gain: $1.3 trillion.  COLLEGE COSTS. Repeals and consolidates several tax breaks for higher education costs. Gain: $65 billion.      MOVING, DIVORCE. Repeals moving expense deduction and income exclusion for moving expense reimbursements. Ends alimony deduction. Gain: $27 billion. IDENTIFICATION REQUIRED. Sets new identification requirements for taxpayers claiming tax credits for children, education costs or earned income. Gain: $23 billion. HOME GAINS. Restricts tax exemption on gains in home value and imposes new residence requirements. Gain: $22 billion.   EMPLOYEES, TEACHERS. Repeals tax break for employee awards. Ends teacher expenses deduction. Ends tax break for dependent care expenses. Gain: $9 billion. ELDERLY, ADOPTIONS. Curtails tax credits for elderly and disabled, child adoption expenses, mortgage credit certificates, plug-in electric vehicles. Gain: $4 billion.";November 7, 2017

### Response:
True news

### End