What We Know About the Final Draft of the GOP Tax Bill

U.S. Senate Majority Whip John Cornyn speaks to reporters on his way to the Senate floor during debate over the Republican tax reform

U.S. Senate Majority Whip John Cornyn speaks to reporters on his way to the Senate floor during debate over the Republican tax reform

Their support all but ensures the package will pass the Senate.

Those two new "yes" votes put the bill on solid ground for final passage next week, that would allow President Trump to sign it into law by Christmas. The House bill would have eliminated the deduction, while the Senate would have doubled it.

Portman cast the bill as providing "the kind of middle-class tax relief that's desperately needed right now".

People could continue to deduct medical expenses.

Democrats disagree, arguing that the legislation would help wealthy Americans and big business at the expense of the poor and middle class. Robert Menendez, D-N.J., a member of the Senate Finance Committee and a negotiator on the legislation.

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.

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In a statement, White House press secretary Sarah Sanders said President Donald Trump "is on the precipice" of fulfilling a campaign promise and passing a plan that she said would boost wages and economic growth. "I think we are better off with it".

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

The latest news on the GOP tax bill is that, in order to secure the vote of Senator Marco Rubio, Republican leaders have agreed to expand the child tax credit - but only by a fraction of the amount that Rubio initially demanded. The final bill preserves the tax, but temporarily doubles those thresholds - in 2026, the status quo estate tax go back into effect (watch out for an uptick in patricides among the one percent in 2025).

It's a gamble they are will to make. Rubio declared his support for the bill earlier Friday after vowing a "No" vote Thursday. Up to $1,400 is refundable to families even if they do not earn enough to qualify for the full tax credit.

The conference bill that came out of negotiations between the two chambers is broadly similar to the legislation that passed the Senate at the beginning of the month. If they had lost Rubio and Corker, they would have been one more defection away from defeat. The Florida senator's (cogent) argument being that working parents who don't earn enough money to pay much federal income tax - but are still subject to payroll taxes - shouldn't get a smaller child-care subsidy than millionaire couples do. The reduction to the corporate rate, unlike the individual rates, would be permanent.

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