US Republicans confident tax bill will become law this week

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Child tax credit: now, the child tax credit is only $1,000 per qualified child, but the new law increases it to $2,000, with $1,400 being refundable. The bill originally made a portion of the credit - $1,100 - available to families even if they owe no income tax. That expansion persuaded Sen.

Marco Rubio of Florida relented in his high-profile opposition after negotiators expanded the tax credit that parents can claim for their children.

See text of the bill (

Health insurance mandate: The insurance requirement under the Affordable Care Act (ACA), the law known as Obamacare, is abolished.

The measure doubles to $11 million ($22 million for couples) the value of estates that can be passed on to heirs tax-free. "Everybody's going to benefit", Mr. Trump told reporters on the White House South Lawn, before heading to Camp David for the weekend.

Republican Representative Kevin Brady said he believed his party had the votes to pass the bill.

Under Senate rules, the bill can add no more than $1.5 trillion to deficits over 10 years. Bob Corker on board with the provision.

If passed, the bill would be the biggest US tax rewrite since 1986 and would provide Republican lawmakers and Trump with their first major legislative victory since they took control of the White House in January, in addition to Congress.

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Democrats have criticized Republicans' tax plans as a giveaway to the wealthy and corporations. "It is just the opposite of what America needs, and Republicans will rue the day they pass this".

The bill unveiled Friday would cut the top individual tax rate to 37% from 39.6%.

Owners of pass-through businesses will be allowed to deduct up to 20 percent of their profits, reducing their effective tax rate to no more than 29.6 percent.

John McCain of Arizona, who is 81, is at a Washington-area military hospital being treated for the side effects of brain cancer treatment, and 80-year-old Thad Cochran of MS had a non-melanoma lesion removed from his nose earlier this week. Earlier this week, Trump said he'd be "thrilled" with a 21% rate after earlier seeking a rate of 20%.

"And, what we are seeing is that American corporations and businesses are not competitive in the global economy because we have the highest tax rate in the industrialized world". The deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000. The corporate alternative minimum tax is repealed in the bill, which also sets up a so-called territorial system for multinational corporations.

The new individual rates would expire after 2025.

Closing in on the first major legislative achievement of his term, President Donald Trump on Saturday defended the Republican tax cut as a good deal for the middle class while boldly suggesting it could lead to explosive economic growth.

2 U.S. Senate Republican, said in an interview on ABC's "This Week" on Sunday that he was "confident" the Senate would pass the legislation, "probably on Tuesday".