Republicans Just Released Their Final Tax Bill

They plan to vote on it early next week.

J. Scott Applewhite/AP

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

The House and Senate released their final version of the tax bill late Friday afternoon, following weeks of high-profile deliberations over the biggest tax overhaul in the last 30 years.

It includes a last-minute expansion of the child income tax credit, after Sen. Marco Rubio (R-Fla.) threatened to vote against the bill without a more generous credit. Other changes include lowering the top individual tax rate to 37 percent from 39.6 percent, and eliminating the corporate alternative minimum tax. 

As Mother Jones has reported previously, the tax bill would overwhelmingly benefit the wealthiest Americans, providing corporations with a permanent tax cut while giving fewer, temporary tax cuts to individuals. The centerpiece of the bill is the corporate tax cut, which drops the current 35 percent rate down to 21 percent. That reduction won’t help regular employees all that much, as experts estimate that about 75 percent of the benefits from that cut will end up in the pockets of company owners. Republicans’ claims that the tax bill will “pay for itself” are also extremely dubious: A report from Congress’s Joint Committee on Taxation calculated that the tax bill passed by the Senate in early December would add $1 trillion to the deficit over the next 10 years, even after accounting for any economic growth produced by the tax cuts. 

The tax bill heads for a vote next week, and Republican lawmakers hope that the bill will be signed before the end of the year. The bill received a major boost Friday afternoon when Sen. Bob Corker (R-Tenn.) announced his intention to vote for the bill. Corker was the only Republican in the Senate to vote against the bill earlier this month. 

Read the text of the final bill here:

 



We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate