The rumours were true: Senate tax bill to delay corporate tax cut until 2019

Tax cut delayed

Stocks are at a session low on reports that the Senate tax bill won't lower corporate taxes until 2019.

The source is a comment from US Senator Bill Cassidy, a Republican from Louisiana.

Cassidy also said 7 tax brackets will remain but the top rate will be changed from 39.6%.

The text of the plan is expected out some time in the next 5-6 hours, if not sooner.

Update: Cassidy also said the Senate bill will not repeal the Obamacare individual mandate.

The Senate bill also is said to not include the excise tax on offshore payments.