Corporate AMT repealed; top individual rate drops under plan
Republicans’ tax overhaul appears to be heading for approval in Congress next week, after GOP senators who were previously holdouts on the bill said they’d vote for the sweeping measure that would cut corporate and individual rates.
Released late Friday afternoon, the bill would retain seven individual tax brackets; lower the corporate rate to 21% from 35%; and double the child tax credit to $2,000. The refundable portion of the child credit would be $1,400 — up from $1,100 in the Senate-passed bill. That expansion persuaded Sen. Marco Rubio, a Florida Republican, to back the new bill, buoying chances for passage.
See text of the bill.
The bill also takes an axe to Obamacare, repealing its mandate for individuals to have health insurance or pay a fine. It doubles the exemption for the estate tax, commonly called the death tax by critics.
House and Senate Republicans are planning to vote on the package next week. President Donald Trump told reporters Friday morning: “I think that we are going to be in a position to pass something as early as next week, which will be monumental.” Republicans control the Senate 52-48 and can only afford to lose two votes on the bill and still pass it.
