House Republicans on June 23 unveiled an ambitious tax reform plan proposing significant changes to U.S. individual, corporate, and international taxes. The House plan would reduce the corporate tax rate from the current 35% to 20% and make several other significant changes. Net interest expenses would no longer be deductible. Capital costs could be deducted immediately instead of over several years. There will be only be three individual income tax rates 12%, 25% and 33%, though the top rate on business income reported on individuals’ returns would be 25%. There would also be a 50% deduction for capital gains, while...