Republicans release their final tax bill — here's what's in it

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December 15, 2017 6:49 PM

Republicans have released the final compromise version of their massive tax bill, the Tax Cuts and Jobs Act.

Republicans on Friday released the final text of the compromise version of their massive tax bill.
The compromise bill, crafted by GOP members of the congressional tax committees, features a few changes from the House and Senate versions.
Republicans leaders want to vote on the bill as early as Tuesday.

Republicans released the final version of their massive tax bill on Friday, setting up a frantic stretch to pass the plan through Congress next week.

The bill is a compromise between the House and Senate versions and assembled by Republican members mostly from the committees that wrote them.

The legislation would make sweeping changes to the corporate and individual tax systems. Here are some ways the bill differs from the House and Senate versions:

It would give corporations a slightly less generous tax cut.
It would increase the refundability of the child tax credit.
threatened to vote against the bill
It would lower the top marginal tax rate.
It would adjust the individual tax brackets.
It would allow people to count income or sales tax toward the state and local tax deduction.
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It would give pass-through businesses a deduction.
It would double the threshold to qualify for the estate tax.
It would not repeal the Johnson amendment.
donating directly to political campaigns
It would lower the threshold for the medical expense deduction for two years.

Republican leaders have said they plan to hold a vote on the compromise bill early next week, with a goal of President Donald Trump signing it by Wednesday.

Despite concerns from some senators, it appears Republican leadership has secured enough votes to pass the bill.

After initially withholding their support, Sens. Marco Rubio and Bob Corker said on Friday that they would vote for the bill. Corker was the only Republican to vote against the Senate version of the legislation.

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