Here's A Look At The Final GOP Tax Bill

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"Everybody's going to benefit", Mr. Trump told reporters on the White House South Lawn, before heading to Camp David for the weekend.

Though Rubio voted for an earlier version of the tax bill that narrowly passed through the Senate, his opposition could imperil reform that requires near full Republican support.

No stranger to hyperbole, Trump also predicted the legislation would cause the economy to soar beyond its current 3 percent rate of growth.

Mr. Trump said he hopes the tax legislation will make the economy grow by 4 percent then 5 percent annually "and maybe even 6 percent ultimately". Republicans need that money to pass giant tax cuts for the rich without violating their budget resolution (which forbids them from adding more than $1.5 trillion to the deficit over the next ten years).

Changes to the individual tax code are effective January 1.

The tax plan has enormous benefits for many businesses, with a permanent and sharp reduction in tax rates that Republicans believe will trigger more economic growth and lead to higher wages. "And now we're on the doorstep of something truly historic".

The agreement also calls for repealing ObamaCare's individual mandate, a major step toward the ultimate GOP goal of unraveling the law.

On Thursday, Sens. Marco Rubio and Mike Lee said there were respectively opposed or undecided on the bill if it didn't include a more generous child tax credit for low earning parents. He said he would vote for the measure next week.

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After intense last-minute negotiations, Republicans on Friday unveiled a final version of their tax bill that takes the ax to many tax breaks, spares others and creates whole new ones. 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.

The final draft of the Republican tax bill has dropped. The original Senate bill made only $1,100 of the credit refundable.

The standard deduction - used by around two-thirds of households - would be almost doubled, to $24,000 for married couples.

Those who itemize would lose some deductions.

" State and local tax deductions are preserved, but capped at $10,000". The deduction is especially important to residents of high-tax states such as Massachusetts, New York, New Jersey and California. It retains a deduction for medical expenses and an exemption for graduate school tuition waivers.

The current deal would cut the top tax rate for the wealthiest earners from 39.6 percent to 37 percent, slash the corporate income tax rate from 35 percent to 21 percent and allow homeowners to deduct interest only on the first $750,000 of a new mortgage.

People who inherit fortunes would get a big break. The House bill would have eliminated the deduction, while the Senate would have doubled it.

Republicans hold a slim 52-48 majority in the Senate, and two ailing GOP senators missed votes this past week. For one thing, the health of Republican Senator John McCain of Arizona.