House Republicans’ long-awaited tax overhaul bill will keep the top individual rate at 39.6 percent for high-income earners and will immediately and permanently cut the corporate rate to 20 percent.

The legislation seeks to revamp the tax code in a major way for the first time since 1986, incorporating long-sought goals of congressional Republicans to keep more money in the pockets of individuals and families and boost incentives for businesses by closing loopholes.

The bill would collapse seven tax brackets for individuals to four brackets with rates of 12, 25, 35 and 39.6 percent.

The bill would also increase the standard deduction so single filers earning up to $12,000 and joint filers earning up to $24,000 would pay no income tax.

The measure includes an increase in the child tax credit from $1,000 to $1,600 per qualifying child. The child tax credit expansion is part of a new family credit that also includes a $300 credit for each parent and non-child dependent to help with everyday expenses.