U.S. stocks slumped on Thursday in an up-and-down session as investor digested details of a highly anticipated tax-reform plan. The Dow Jones Industrial Average was trading flat at 23,422. The S&P 500 index was down 0.3% at 2,572, while, the Nasdaq Composite Index declined 0.5% at 6,686. The House Ways and Means Committee unveiled its tax bill, to be called the Tax Cuts and Jobs Act, which it plans to consider next week with the aim of turning it into law before the end of December. Details show that there will be a top rate of 39.6% — but at a much higher income threshold of $1 million for married couples, according to The Wall Street Journal.
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