Last Updated Nov 2, 2017 8:13 PM EDT
House Republicans unveiled theirThursday, making some changes, yet looking to preserve current tax rules for retirement accounts popular with middle-class Americans and to retain a top income-tax rate for million-dollar earners.
GOP negotiators scrambled this week to finalize details of the first. They missed a self-imposed Wednesday deadline as top Republicans batted down rumors that the public rollout could be delayed until next week.
The legislation would fulfill a longstanding goal for Capitol Hill Republicans who see a once-in-a-generation opportunity to clean up an inefficient, loophole-cluttered tax code. But there is lingering opposition from northeastern Republicans fearful of losing a cherished deduction for state and local taxes and anxiety among other rank-and-file lawmakers over emerging details.
While the plan's unveiling will be hailed as a win by the Trump administration,, providing sweeping tax cuts are not a priority for everyone, including many Republicans. Seven in 10 Americans think the president and Congress should address other issues before passing a tax cut and reform bill, and only a slim majority of Republicans see the issue as top priority.
The formal rollout takes place following the weekly House GOP conference meeting. The president will also meet with House members at the White House to discuss the legislation later Thursday afternoon.
CBS News' Nancy Cordes, Rebecca Shabad and Kathryn Watson contributed to this report.
Follow along for live updates below:
NFIB comes out against bill
The National Federation of Independent Businesses said it cannot support the GOP's bill in its form as-is, a major blow to the president's assurance that the bill is good for small businesses.
"The National Federation of Independent Business is unable to support the House tax reform plan in its current form," the NFIB said in a statement on behalf of its president and CEO Juanita Duggan. "We will work with Chairman Brady to make the necessary corrections so that the benefits of tax reform extend to all small businesses.
"This bill leaves too many small businesses behind. We are concerned that the pass-through provision does not help most small businesses. Small business is the engine of the economy. We believe that tax reform should provide substantial relief to all small businesses, so they can reinvest their money, grow, and create jobs."
Trump says he wants the bill on his desk by Thanksgiving
Mr. Trump, flanked by key members of the House Ways and Means Committee, told committee chairman Rep. Kevin Brady R-Texas, that he wants the bill on his desk by Thanksgiving, if possible. The bill goes to committee on Monday.
"We have a lot of things that will be important generators in our economy," Mr. Trump said, saying most Americans will be able to file their taxes on a single sheet of paper.
The president kissed a large postcard, meat to display how simple the tax code could soon be for American filers.
Fourth Republican comes out against the bill
Rep. Leonard Lance, R-New Jersey, said the bill has much to like, but he can't vote for something that rolls back the state and local tax deduction.
"I commend Speaker Ryan and Chairman Brady for their hard work and efforts," Lance said in a statement. "There is much to like in the legislation but the proposed cap on deductibility of state and local taxes makes the bill unacceptable at this time. Eliminating or rolling back state and local tax deductibility will hurt New Jersey's hard-working middle-class families and our state economy. I am going to continue to negotiate on the issue. We have made some progress but more needs to be done."
Two more House GOP members won't vote for the bill
Rep. Peter King, R-New York, and Rep. Frank LoBiondo, R-New Jersey, also announced they cannot vote for the bill in its current form, saying it will raise taxes on some of their constituents.
"I cannot support the current version of the tax bill because it will increase taxes for many of my constituents to subsidize tax cuts for the rest of the country," King said in a statement to CBS News. "My job is to protect the taxpayers of Long Island and New York."
New York Republican announces he will not vote for current bill
Rep. Lee Zeldin, R-New York, announced on Thursday that he cannot vote for the bill in its current form, as it would eliminate the state and local tax deduction. The GOP plan would eliminate the deduction for state and local income taxes, and cap the property tax deduction at $10,000.
Here is his full statement:
"I am a 'No' to this bill in its current form. We need to fix this state and local tax deduction issue. Adding back in the property tax deduction up to $10,000 is progress, but not enough progress. If I'm not fighting for New Yorkers, I can't expect anyone else from another state to do it for me."
"My goal in this tax reform mission is focused on allowing my hard working constituents to save more of their paycheck, reduce their cost of living, and put away more money for retirement. We also need a fairer, simpler tax code that would allow Americans to fill out their tax return on a postcard. Additionally, we need to improve the business climate, by reducing the corporate income tax rate to create more American jobs, bring jobs and businesses back from overseas, and prevent other jobs and businesses from leaving."
"I really like many aspects of the current tax reform plan, however, we still have more work to do to get this right, especially with regards to the SALT deduction, which has been in existence for over 100 years. Eliminating the SALT deduction would be a geographic redistribution of wealth, picking winners and losers. New York is a net contributor to the federal coffers with regards to both tax policy and spending policy and that is even with the SALT deduction."
"It's also important to note that the reason why our state and local tax deduction is so high is because our state and local taxes are so high, which is why all levels of government should be working on delivering tax relief. In the meantime, I'm going to fight for my home district and my home state in our nation's capital."
Trump says his administration will "make good on our promise"
The White House released the following statement from President Trump, who said the work is "just getting started."
"I applaud the House Ways and Means Committee for introducing the Tax Cuts and Jobs Act, which is another important step toward providing massive tax relief for the American people," Mr. Trump said in the statement. "My tax reform priorities have been the same since day one: bringing tax cuts for hardworking, middle-income Americans; eliminating unfair loopholes and deductions; and slashing business taxes so employers can create jobs, raise wages, and dominate their competition around the world. The policies of my administration have already helped to drive the stock market to all-time highs and the unemployment rate to a 16-year low. Economic confidence is skyrocketing and our GDP grew 3 percent yet again this quarter."
"We are just getting started, and there is much work left to do. The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts. But my administration will work tirelessly to make good on our promise to the working people who built our nation and deliver historic tax cuts and reforms -- the rocket fuel our economy needs to soar higher than ever before."
Ways and Means Committee unveils 429-page tax reform bill
The proposal was posted on its website.
Paul Ryan says the tax reform plan will give people "relief"
At a formal unveiling with American families standing behind lawmakers, the House speaker said that the typical family of four would save $1,182 a year on their taxes under the Republican plan.
Ryan said it would make a "real difference" and help people to pay phone bills, help pay down debt, renovate homes faster and put money away for college.
The Wisconsin Republican said that the plan would get rid of loopholes for special interests and it would make things so simple that it would allow people to do taxes on the size of a postcard.
"This plan is for the middle class families in our country who deserve a break," Ryan said.
Bill would end the deduction for state income taxes, but retains write-off of state and local property taxes
The bill would also end the deduction for state income taxes but retains the write-off of state and local property taxes. That deduction would be capped at $10,000, however. This change would affect taxpayers in states that have high state and local property taxes, like California, New York and New Jersey.
Details being rolled out at closed-door conference meeting
The details of the plan, outlined below, are being presented to members of the House Republican Conference behind closed doors Thursday morning and will be unveiled to the public around 11:15 a.m. ET.
House GOP proposes cutting the home mortgage interest deduction in half
While the Republicans said that they will would preserve the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes, it says it would be up to $500,000. According to the IRS, Americans are able to deduct interest on their mortgages of up to $1 million.
Lobbyists receive details of tax plan
House Republicans are unveiling the Tax Cuts and Jobs Act, which according to two pages of talking points circulated to lobbyists Thursday, would provide a $1,182 tax cut for a typical middle-income family of four earning $59,000. Specifically, it would lower individual tax rates to zero, 12 percent, 25 percent and 35 percent.
The talking points, obtained by CBS News' Nancy Cordes, would reduce tax rates for low and middle-income Americans and doubles the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples. The bill would eliminate certain taxes such as the Alternative Minimum Tax and the so-called "death tax."
The plan establishes a new family credit, and would expand the child tax credit from $1,000 to $1,600. It would also preserve the child and dependent care tax credit of $300. The plan would also preserve the earned income tax credit and the home mortgage interest deduction.
It would lower the corporate tax rate to 20 percent, which the talking points say are the largest reduction for the U.S. corporate tax rate in history. It would also lower the tax rate on "hard-earned business income of Main street job creators" to no more than 25 percent, the talking points say.
The proposal would make "no changes" to retirement savings options including 401(k)s and individual retirement accounts.