Republican have compromise tax deal which should pass before Christmas

House and Senate Republicans have a deal on the tax cut bill.

They expect to pass the bill before Christmas.

Here are highlights of the current agreement. There will still be changes as adjustments are made in committee.

* Reducing corporate tax rate to 21% from 35% today
* Cut top individual bracket to 37% from the current 39.6%
* Estate tax will start at inheritances of $11 million instead of $5.6 million.
* Limited liability corporation or S-corp — will get a 20% deduction on their income
* Repeal the corporate alternative minimum tax
* Mortgage interest deductible for mortgages up to $750,000 instead of current $1 million.

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