GOP releases its final tax plan - here's what's in it

U.S. Senate Majority Whip John Cornyn speaks to reporters on his way to the Senate floor during debate over the Republican tax reform

U.S. Senate Majority Whip John Cornyn speaks to reporters on his way to the Senate floor during debate over the Republican tax reform

President Trump on Saturday touted how "fantastic" the GOP tax bill will be for "middle-income people" ahead of anticipated votes in the House and Senate next week. The reduction to the corporate rate, unlike the individual rates, would be permanent. I'm glad we have them, but they don't need a tax break.

Business owners who report business income on their personal tax returns would be able to deduct 20 percent of that income. The Senate version lowered it to 38.5 percent.

House and Senate negotiators released the final text of their legislation Friday, after working out the differences between the House and Senate-passed versions of the tax bill.

Two Republican Senators said Thursday they may vote against the Republican tax bill unless the child tax credit is expanded.

He said he has received no assurances the credit for low-income parents will be increased.

Rubio, in response, declared his support for the bill Friday, and Lee's spokesman said that the senator would "hopefully" support the bill and was encouraged by the work done in the conference to beef up the child tax credit. But Rubio is (reportedly) satisfied with the compromise.

It also changes the tax system for American households, temporarily lowering rates and creating new limits on deductions that are expected to lower the taxes of most Americans but could still lead millions to owe the government more.

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One of the primary sources of new revenue in both the House and Senate bills comes from scaling back the state-and-local tax (SALT) deduction. GOP leaders are hopeful they will be available next week.

All 29 of the targeted lawmakers voted for the House version last month, including some members from California, New York and New Jersey - high-tax states that have been anxious about the plan's treatment of state and local taxes. And so, the initial bills ended up preserving a $10,000 property tax deduction.

" The estate tax remains, but the income exempted would double to $22 million".

The Obamacare, or Affordable Care Act, individual mandate penalty is repealed in 2019 under the bill.

Two of the main Republican holdouts threatening to vote against the bill, Sens. The tax cuts are projected to add $1.46 trillion over a decade. Bob Corker of Tennessee, said Friday he would support the bill, despite voting against a similar bill earlier this month because of concerns it would add to the national debt.

" Universities and nonprofits will have to pay an excise tax on employees making more than $1 million". The interest on home equity loans will no longer be deductible. The House would have moved that cap down to $500,000.

The House bill would have repealed the Johnson Amendment - a law that prohibits nonprofit groups with tax-exempt status (like churches and charities) from directly participating in partisan politics.

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