Republicans finish tax bill, will release details later in day

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The tax plan has passed the House and Senate but has been stuck in conference, where the two chambers hash out differences before the Senate holds a final vote sometime next week.

The final package would double the basic per-child tax credit for families making up to $400,000 a year from $1,000 to $2,000. Sen.

A White House spokeswoman said Saturday that Trump would meet with Vice President Mike Pence and Treasury Secretary Steve Mnuchin as the Republican-led Congress plans to vote on its tax bill. Separate legislation is expected to be considered to stabilize insurance marketplaces as part of an agreement to win the the support of Sen.

The call claims the "average middle-class family" will receive a $1,200 tax cut, though independent analysts have said the amount differs by taxpayer and that any tax cut would shrink over the next decade.

Florida Senator Marco Rubio threw Republicans a curveball on Thursday after threatening to withdraw his support for the GOP tax plan.

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Another GOP holdout, Bob Corker of Tennessee, said Friday that he would endorse the bill, describing it as an opportunity "to make USA businesses domestically more productive and internationally more competitive [and] one we should not miss". Marco Rubio announced that he would vote against it unless the child tax credit is expanded. 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. Rubio said he wanted the $1,100 figure increased, but he did not say by how much.

Current law: A $1,000 credit for each child under 17.

Rubio's potential defection had pushed the Republicans' razor-thin majority in the Senate closer to the edge.

The Estate Tax, colloquially termed the Death Tax by opponents, will be repealed after six years under the new tax reform, and the exemption will be doubled in the meantime.The GOP said that businesses and family-owned farms "will no longer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".

Here are the proposed rates for married couples who file jointly. 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. The bill also caps the mortgage interest deduction at $750,000 and the state and local property and income deduction at $10,000, particularly disadvantaging Americans who live in high-tax states. Two of the most significant changes from either original bill are the income tax rates paid by wealthy individuals and how generous the Child Tax Credit is.

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The individual tax rates in the Senate bill were to expire after 2025.

McCain, 81, is hospitalized at Walter Reed Medical Center where the Arizona senator is being treated for the side effects of brain cancer treatment.

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.

The corporate tax rate gets the biggest cut in the GOP compromise bill, lowering the rate to 20 percent from 35 percent.

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