Congressional Republicans have been invited to the White House on Wednesday for a 3 p.m. ET event to celebrity their tax overhaul victory.
White House press secretary Sarah Huckabee Sanders told reporters that the event is not a signing ceremony since that bill still needs to be “enrolled” and the president will sign it at a later date.
This comes after the Senate early Wednesday morning passed the final GOP tax bill along party lines in a 51-48 vote. The House approved the plan Tuesday, but will again have to vote on the bill again after Democrats discovered it contained procedural violations. That second House vote will take place Wednesday morning.
Here are the details of the final tax agreement, according to highlights from the conference committee:
- Eliminates penalty under the Affordable Care Act for failing to have health insurance
- Lowers corporate tax rate from 35 percent to 21 percent (higher than the original 20 percent in the House and Senate bills)
- Reduces top effective marginal tax rate for S corporations to a top rate of 29.6 percent, allowing for a 20 percent tax deduction that applies to the first $315,000 of joint income earned by all S-corporations
- Eliminates corporate Alternative Minimum Tax (AMT); increases the exemption amount from the AMT for individuals
- Keeps seven individual tax brackets, although those brackets would change.
- Continues to exempt the value of tuition waivers from taxes (the GOP had considered counting tuition waivers as income, and thus, taxable.)
- Increases the refundable portion of the child tax credit to $1,400, thanks to Sen. Marco Rubio’s insistence. The overall child tax credit will increase from $1,000 to $2,000.
- Roughly doubles the standard deduction, from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for married couples filing jointly
- Preserves the child adoption tax credit
- Allows filers to write off the cost of state and local taxes, but only up to $10,000. Filers must choose from among sales, income and property taxes for the deduction, instead of being able to deduct all local taxes.
- Preserves the mortgage interest deduction for all homeowners with existing mortgages, and for homeowners with new mortgages, the home mortgage interest deduction will be available up to $750,000
- Preserves the charitable deduction as it is
The GOP claims the bill will mean a $2,059 tax cut for a family of four earning the median family income of $73,000.
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