Find your new tax brackets under the final GOP tax plan

Sen. Marco Rubio (R-Fla.) has threatened to vote against the tax bill, putting the legislation in danger of being delayed past Christmas. Trump planned to deliver the speech from the Grand Foyer, the entrance of the White House mansion, laying out how the tax changes would specifically benefit the middle-class families in attendance from Pennsylvania, Ohio, Virginia, Iowa and Washington state. Studies from independent analysts and non-partisan congressional researchers have projected that corporations and the rich would gain disproportionately.

While claiming that their bill is created to help the middle class, Republicans curbed a tax break used primarily by middle-class taxpayers. Republicans have a large majority there, and passage was expected despite Democratic opposition.

The bill cuts the corporate tax rate from 35 percent to 21 percent, 1 percent less than the Senate and House proposals; and lowers the top individual income tax rate to 37 percent, which is less than the 38.5 percent in the Senate bill and the 39.6 percent in the House bill and current law.

Republicans struck a deal on a sweeping tax overhaul Wednesday, including steep corporate and individual rate cuts, and hope to have legislation on President Donald Trump's desk by next week.

The tax bill was expected to add at least $1 trillion to the $20 trillion USA national debt over 10 years, making it an unusual example of deficit spending on stimulative tax cuts at a time when the economy is already expanding. House Republicans tried to eliminate the tax break.

Ramming the tax package through Congress would represent their first significant legislative achievement and fulfill of tax overhaul promises Trump made to voters a year ago.

Since they swept to power in Washington in January, Trump and the Republicans have not managed to pass any major legislation, in particular failing on a healthcare overhaul, and have lost hard-fought elections in Alabama and Virginia, while Trump's public approval ratings are low.

For comparison, here are tax rates under the current law. But growth would then slip back closer to its recent 2 percent average.

The measure has come under assault by Democrats who say it is unfairly tilted in favor of business and the wealthy. Provisions for offsetting the revenue costs of last-minute changes were troublesome for some lawmakers. Rep. Kristi L. Noem (R-S.D.), one of the Republicans responsible for presenting a finalized bill, claimed the tax credit had been expanded and that the bill was "in a good spot... to earn his support".

To address those concerns, the new bill includes the original Senate bill's boost of the tax credit per child up to $2,000, but it makes $1,400 of that "refundable", meaning it gets paid to parents even if they have no income tax liability. That refundable portion was raised from $1,100 at the last minute to win Rubio's backing. "This bill is far from ideal, and left to my own accord, we would have reached a bipartisan consensus on legislation that avoided any chance of adding to the deficit", Corker wrote, but nevertheless "I believe that this [is a] once-in-a-generation opportunity to make USA businesses domestically more productive and internationally more competitive".

Starting in 2019, the Affordable Care Act mandate that people have insurance or face a fine imposed by the IRS would be repealed.

The bill does not change the ban on churches and other charities from endorsing political candidates.

Flake has said he needs to see all the details before supporting the measure. His office said he "looks forward to returning to work as soon as possible".



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