Last Updated Dec 2, 2017 4:00 PM EST
As the Senate 479-page bill.just before 2 a.m. Saturday with only Republican support, Democrats criticized the middle-of-the-night vote that left them little time to read the text of the
The bill's text was released publicly Friday evening, with some. Much of the text that ultimately passed reflects what Senate Republicans had touted about the bill, but there were some last-minute changes. The legislation now goes to a conference committee, where House and Senate negotiators will reconcile the differences in their two bills.
So, what made it into the final bill Republicans passed in a 51-49 vote overnight, and how does that differ from the bill the House passed last month?
Different individual tax brackets
The Senate bill has more individual tax brackets than the House bill does, something the two chambers will have to work out in conference. The individual tax cuts are temporary, unlike tax cuts for businesses, which are permanent.
The Senate bill includes these tax brackets:
- 10 percent (for individuals earning up to $9,525 and married couples filing jointly earning up to $19,050)
- 12 percent (from $9,525 to $38,700 for individuals and $77,400 for married couples filing jointly)
- 22 percent (for individuals earning more than $38,700 to $70,000 and over $77,400 to $140,000 for married couples)
- 24 percent (for individuals earning more than $70,000 and up to $160,000, and couples making $140,000 to $320,000)
- 32 percent (for individuals making more than $160,000 to $200,000, and couples earning $320,000 to $400,000)
- 35 percent (for individuals making more than $200,000 and up to $500,000, and married couples earning more than $400,000 to $1 million)
- 38.5 percent (for individuals earning more than $500,000 and couples earning more than $1 million)
The current tax brackets are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent.
Lower corporate taxes
The bill lowers the corporate tax rate from 35 percent to 20 percent, as Republicans originally intended. These cuts are permanent. An amendment from Republican Sens. Marco Rubio of Florida and Mike Lee of Utah that would have increased the corporate tax rate to nearly 21 percent in exchange for a more generous child tax credit failed overnight. But Mr. Trump -- who had initially floated a 15 percent rate -- suggested the tax rate may end up being more than 20 percent.
"Business tax all the way down from 35 to 20. It could be 22 when it comes out but it could also be 20. We'll see what ultimately comes out," the president told reporters Saturday morning for leaving for a series of fundraisers in New York.
The House bill also lowers corporate taxes from 35 percent to 20 percent.
Tax break for private school education
An amendment from Cruz allows families to use 529 savings plans, originally intended for college savings, for K-12 education, including private school and home-schooling. Contributions to 529 plans are generally tax free in states. The amendment passed with a tie-breaking vote from Vice President Mike Pence. It was one of the few amendments voted into the bill last minute.
The House version doesn't have a similar provision.
Doubled child tax credit
The Senate bill increases the child tax credit from the current $1,000 per child to $2,000. That will have to be reconciled with the House bill, which only increases the credit to $1,600 per child.
Big changes in state and local tax deductions
The Senate legislation eliminates the deduction for state and local income taxes, like the House bill does. The Senate bill does not entirely eliminate the property tax deduction, but it does limit it to a $10,000 itemized deduction. The House bill does the same thing.
Doubled standard deduction, but no more personal exemptions
The bill roughly doubles the standard deduction for tax filers, from $6,350 to $12,000 for individual filers and from $12,700 to $24,000 to married couples filing jointly. But the Senate plan also eliminates the personal exemption. Currently, tax filers can claim an exemption of $4,050 for the filer, spouse and each dependent. The House bill takes similar steps.
The bill Republicans passed -- at least as of just before 9 p.m. -- adds nearly $1.5 trillion to the deficit over the next decade, more than the roughly $1 trillion it was supposed to add to the deficit, according to the Joint Committee on Taxation. That didn't stop Republican fiscal hawks -- except for Sen. Bob Corker, R-Tennessee, the only "no" vote -- from voting for the bill. The House bill would also add significantly to the deficit.