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.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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