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The final GOP tax bill is complete. Here’s what is in it.
Above: Quick run-down of important points in the final GOP tax legislation document.
Related: The entire 505 page GOP tax legislation ... Read the full GOP tax bill
By Heather Long December 15, 2017
Republicans were joyful Friday as they finalized their tax plan, bridging differences between the House and Senate bills and moving another step closer to getting legislation to President Trump by Christmas. They also appear to have locked down the votes they need to pass the measure through the House and Senate after Sens. Marco Rubio (R-Fla.) and Bob Corker (R-Tenn.) pledged their support. Overall, the Tax Cuts and Jobs Act represents the largest one-time reduction in the corporate tax rate in U.S. history, from 35 percent down to 21 percent. The bill also lowers taxes for the vast majority of Americans, as well as small-business owners — at least until the cuts expire after eight years.
Last-minute changes to the GOP's big plan give a larger tax break to the wealthy and preserves certain tax savings for the middle class, including the student-loan interest deduction, the deduction for excessive medical expenses and the tax break for graduate students. A change made Friday morning to win over Rubio would expand the benefits of a child tax credit to give more money to working-class families.
What is changing.....
continued @ link above
Above: Quick run-down of important points in the final GOP tax legislation document.
Related: The entire 505 page GOP tax legislation ... Read the full GOP tax bill