Here's what's in the federal tax bill poised to pass

Here's what's in the federal tax bill poised to pass

Here's what's in the federal tax bill poised to pass

"One can only assume they were being this secretive because the bill raises taxes on millions of middle-class families while cutting corporations' taxes, explodes the deficit by roughly $2 trillion, strips health insurance from millions of Americans, and prompts billions of dollars of cuts to Medicare", Neal wrote.

Under the bill, today's 35 percent rate on corporations would fall to 21 percent, the crown jewel of the measure for many Republicans.

Remain deductible for those who itemize, and the current limitation of 50% of income is increased to 60%. "And now we're on the doorstep of something truly historic".

While claiming that their bill is created to help the middle class, Republicans curbed a tax break used primarily by middle-class taxpayers. So have at least a few Republican senators, including Susan Collins of ME, who has expressed reservations about reducing the top tax bracket, and Marco Rubio of Florida, who held out for an expanded child tax credit to steer a little more of the bill's rewards toward working-class taxpayers.

Sen. Bob Corker (R-Tenn.), the lone Republican to vote against the Senate version of the bill earlier this month, likewise announced that he would support the final bill ― although not because he'd won any policy changes from leadership. Corker, the chairman of the Senate Foreign Relations Committee, has repeatedly warned that the nation's growing debt is the most serious threat to national security.

"I realize this is a bet on our country's enterprising spirit, and that is a bet I am willing to make", Corker said.

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The bill released Friday allows taxpayers to deduct up to $10,000 of property taxes and income or sales taxes - combined.

Senate Minority Leader Chuck Schumer spoke for skeptical Democrats with a warning that the GOP's devotion to trickle-down economics could come back to bite the party.

Republicans appeared to have secured enough support to pass the plan after one critical holdout, Sen.

The House bill would have fully repealed the 40 percent tax on inheritances worth more than $5.49 million for individuals and $10.98 million for families.

For eight years beginning in 2018, the standard deduction increases to $12,700 from $6,350 for individuals and to $24,000 from $12,000 for married couples.

Rubio was holding out for a new provision to give people with children a higher tax credit. "Increasing the refundability of the Child Tax Credit from 55% to 70% is a solid step toward broader reforms which are both Pro-Growth and Pro-Worker". But there will be many Americans who see their taxes go up, particularly those in high-tax states such as New York, New Jersey and California.

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" State and local tax deductions are preserved, but capped at $10,000".

Finally, the proposed legislation retains other tax breaks that were on the chopping, such as deductions for student loan interest and tax-free private activity bonds used by local governments to build hospitals.

The home mortgage interest deduction is kept for current mortgages and will also be available to new home buyers paying up to $500,000.

People who inherit fortunes would get a big break.

Corporate AMT: The corporate AMT, which was preserved by the Senate bill, is repealed.

The final version of the GOP tax plan is here, and this is what your new bracket will be. According to CNBC, House Majority Leader Kevin McCarthy (R-Calif.) said the House will hold a vote on the bill by Tuesday.

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John McCain of Arizona, who is 81, is at a Washington-area military hospital being treated for the side effects of brain cancer treatment, and 80-year-old Thad Cochran of MS had a non-melanoma lesion removed from his nose earlier this week.

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