Updated on Dec. 20 at 4 p.m. ET
Congressional Republicans handed their party and the president a major legislative victory when they passed their tax cut plan.
The final bill looks a lot like earlier versions from the House and Senate, with minor modifications — for example, it lowers the corporate tax rate from 35 to 21 percent, as opposed to the 20 percent in both of the earlier House and Senate bills. In other cases, it finds the middle ground between the two chambers' previous bills — it limits taxpayers to deducting the interest on new mortgages up to $750,000, as opposed to $500,000 in the House bill and $1 million in the Senate bill, which is also the amount set under current law.
Below are two charts showing how individual filers could be affected if this bill is passed and signed into law.
The bar chart shows how the proposed tax brackets look, compared with the brackets under current law. The top rate would fall to 37 percent from 39.6 percent, and fewer households would pay that top rate.
The table below that chart spells out how different provisions in the tax code would affect different groups of Americans.
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