Here's what's in final tax bill Republicans plan to send to Trump

Open this

Open this

The bill is now two floor votes away from President Donald Trump's desk.

A bigger, refundable child tax credit. 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.

The GOP estimates that a family of four with a median household income of $59,000 will see $1,182 of their taxes cut.

Child tax credit. The credit would grow to $2,000 from the current $1,000 and begin to phase out for those earning more than $400,000. Marco Rubio, who said on Friday he would be a yes after threatening to scuttle the deal only 24 hours earlier.

The House is expected to vote on the bill Tuesday, and the Senate after that.

The standard deduction, from $12,700 this year to $24,000 next year for couples filing jointly.

" State and local tax deductions are preserved, but capped at $10,000". Current law requires all Americans to carry health insurance or pay a fine.

Senate and House Republicans say they have reached an agreement on a tax bill, which lowers the corporate tax rate to 21 percent and top individual tax rate from 39.6 to 37 percent, and are just ironing out the final details.

El Salvador court upholds 30-year jail sentence in stillbirth case
However, women suspected of committing abortions are often charged with aggravated murder instead, as Ms Vasquez was in 2008. Women who have an abortion, or miscarry in that small Central American country may face up to 50 years in prison.

The Estate Tax, colloquially termed the Death Tax by opponents, will be repealed after six years under the new tax reform, and the exemption will be doubled in the meantime.The GOP said that businesses and family-owned farms "will no longer have to worry about double or triple taxation from Washington when they pass down their life's work to the next generation".

"The rate are one thing, but the brackets - we want to know what income levels do these brackets apply", said Keith Fenstad, partner and director of financial planning at Tanglewood Wealth Management in Houston.

Democrats, meanwhile, warned of repercussions for the middle class.

US Representative Richard Neal (D-Massachusetts) lamented how the bill was produced, saying the GOP's process kept Americans in the dark.

However, a study by the nonpartisan Tax Policy Center of the Senate bill - which is likely to bear the most resemblance to what comes out of conference - found that 62 percent of the benefits from the tax cuts would be accrued by income earners in the top 1 percent, while 0.1 percent of income earners would suck up 42.3 percent of the benefits from the tax overhaul.

Sens. Susan Collins and Jeff Flake, who both supported the first bill in the Senate, have not yet said how they will vote on the combined bill.

Trump and congressional Republicans initially sought to eliminate the state income and local property tax break entirely, but agreed to the $10,000 cap to placate enough Republican lawmakers from high-tax states to ensure the bill's passage.

Latest News