WASHINGTON — House Republicans unveiled a massive tax overhaul Thursday that slashes rates for corporations, small businesses and individuals, but pays for it in part by axing deductions for state income taxes and reducing them for mortgages and property taxes.

While dropping corporate rates from 35 percent to 20 percent, creating a 25 percent rate aimed at small businesses and setting a 12 percent rate to lure back overseas profits, the bill caps property tax deductions at $10,000 and limits deductions for new mortgages to $500,000.

The plan also preserves current tax rules for retirement accounts popular with middle-class Americans, such as 401(k)s and IRAs, and adds a fourth tax bracket to keep the 39.6 percent tax rates for filers with incomes of $1 million or more.

“This is it. This is a very important and special moment for our country,” said House Speaker Paul Ryan (R-Wis.), as he introduced the 400-page complex tax legislation.

The House bill represents the first step by President Donald Trump and Republican leaders as they embark on a fast track to pass by Christmas the first major revamp of the tax code since 1986 to secure Trump’s first major legislative victory.

At a White House meeting, Trump told House Majority Leader Kevin McCarthy (R-Calif.) that “I want to also have a bill on my desk, hopefully, Kevin, by Thanksgiving.”

Rep. Kevin Brady (R-Texas), the Ways and Means Committee chairman, said his panel will begin work on the bill Monday and aim to finish so it can be voted on the following week. The Senate plans to unveil its version next week.

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Senate Minority Leader Chuck Schumer called the bill “a tax giveaway to the rich” and said, “Tax legislation is extremely complex and you cannot have a successful bill if you sneak it through in the dead of night.”

The bill quickly ran into opposition from some conservatives because it would add $1.5 trillion to the deficit, and from other lawmakers because it would eliminate $1.26 trillion in tax breaks and deductions.

Tax writers rejected a last-minute appeal Wednesday by New York Republicans seeking to preserve deductions for state and local taxes, prompting Rep. Lee Zeldin (R-Shirley) and Rep. Peter King (R-Seaford) to say they could not support the bill. “This is basically taking money from Long Island and New York to subsidize tax cuts for the rest of the country,” King said.

To force House leaders to restore the deduction, King and Zeldin said Republicans from high-tax states such as New York, New Jersey and California will have to threaten the bill’s passage.

Brady defended the scrapping of deductions, saying they would be made up by the new tax brackets, doubling the standard deduction, charitable deductions and increased child and family tax credits.

The bill finally spelled out the four tax brackets for married couples that will replace the current seven: zero for income up to $24,000; 12 percent for up to $90,000; 25 percent for up to $260,000; 35 percent for up to $1 million, and maintains the 39.6 percent rate for incomes above $1 million.

The plan also doubles the lower threshold of $5.4 million for estate taxes and then phases those taxes out over time, at a cost of $200 billion of the $1.5 trillion deficit.

A partisan dispute arose over how the bill would affect the middle class.

Ryan said a typical family of four would save $1,182 a year on their taxes. “This plan is for the middle-class families in this country who deserve a break,” he said.

Schumer said a family of five with student loans and medical bills would pay $993 more in taxes.

Howard Gleckman, an expert at the centrist Tax Policy Center, said the bill had an “idiosyncratic” effect on individual households. “Some will pay more than under current law while others will pay less,” he said. “It will depend very much on their specific circumstances.”