washington u.s. house representatives republicans unveil long-delayed legislation thursday deliver deep tax cut president donald trump promise set frantic race congress give first major legislative victory 429-page bill represent would large overhaul u.s. tax system since 1980s call slash corporate tax rate 20 percent 35 percent cut tax rat individuals families end certain tax break company individuals congressional passage legislation would affect nearly every u.s. company family far certain business group quickly come contentious provision test republicans control white house chamber congress unable deliver major legislative achievements trump since businessman-turned-politician become president january number provision would hit taxpayers democratic-leaning state hard like roll back deductions state local tax cut half popular mortgage interest deduction legislation call tax cut job act produce new advantage rich americans low corporate tax phase estate tax dump alternative minimum tax important special moment country americans go let defenders status quo win see country continue downward spiral republican house speaker paul ryan ask despite data show eight straight years economic growth meet ryan key house republicans trump tell lawmakers count maintain momentum tax cut repeat request congress send legislation sign law u.s. thanksgiving holiday nov. 23. ambitious timetable long multi-faceted piece legislation face ferocious lobby battle among business sectors affect bill fierce opposition many democrats trump call bill important step toward tax relief americans add statement get start much work leave do bill present tax-writing house ways mean committee would consolidate current number tax bracket four seven 12 percent 25 percent 35 percent 39.6 percent early republican tax outline call cut top rate high earners 35 percent national association home builders blast legislation say would damage home price punish homeowners urban areas concern enact bill throw us back another house recession jerry howard group president say interview group say provision bill cap interest deduction future home purchase 500,000 half current amount unacceptable howard say million home currently 500,000 high-cost regions like washington d.c. new york city california hawaii impact would felt bill would repeal exist deduction state local income sales tax would cap deduction state local property tax 10,000 provision would affect americans higher-tax state california new york new jersey pennsylvania illinois national federation independent business influential small business lobby also come bill u.s. chamber commerce business lobby back ryan say typical family four would save 1,182 annually tax bill democrats solidly oppose legislation see giveaway corporations rich would expand federal deficit republicans ill afford lose many rank aim pass bill come weeks ultimately american people really get tax plan huge bill debt incur pay tax break line pocket donald trump personally along billionaire buddies like trump university degree phony say democratic congressman lloyd doggett bill architects avoid one showdown decide make change popular tax-deferred 401 retirement save program bill would roughly double standard deduction individuals families would repeal personal exemption 4,050 taxpayers currently claim spouse dependents legislation would also phase tax-exempt finance sport stadiums subject large private universities 1.4-percent excise tax investment income would also repeal long stand prohibition religious institutions involve political activities bill would create new family tax credit double exemptions estate tax inherit assets also allow small businesses write loan interest bill would cap maximum tax rate small businesses non-corporate enterprises 25 percent present maximum rate pass-through income 39.6 percent would set standards distinguish individual wage income actual pass-through business income prevent tax-avoidance abuse new low tax level would create new 10-percent tax u.s. company high-profit foreign subsidiaries calculate global basis move prevent company move profit overseas foreign businesses operate unite state would face tax 20 percent payments make overseas american operations u.s. equities rally 2017 series record highs partly expectations deep corporate tax cut share u.s. homebuilders fell bill release luxury homebuilders include toll brothers take big hit investors parse provision dow jones industrial average modestly 500 slightly investors caution tax plan preliminary soon gauge effect specific industries nl2n1n81ig ways mean committee begin formal consideration bill next week full house vote also must pass senate republicans hold slim 52-48 majority early year fail garner enough vote approve major healthcare overhaul seek trump republicans unveil tax cut bill hard work await