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The latest on the GOP tax cut bill

SPOKANE, Wash. - Republicans on Capitol Hill say they are feeling good about getting their tax cut bill passed before Christmas. 

Sen. Marco Rubio and Sen. Bob Corker - two Republican holdouts - are now saying they are on board with the bill. Rubio originally wanted a higher child tax credit. Corker was the only Republican to vote 'no' on the last bill.

Democrats say that the bill favors the wealthy and comes at the expense of working and middle-class voters. They argue that the process has been rushed through in secrecy.

 "I think we will get there, it will be in a short period of time," said President Donald Trump. "It will be the greatest Christmas present that a lot of people have ever received."

For the wealthy, the plan would lower the top tax rate from 39 percent down to 37 percent. For big businesses, it would cut the corporate tax rate from 35 percent to 21 percent. For middle-class Americans, the plan would double the standard deduction of those who itemize; it keeps current deductions on medical expenses and student loan interest.

Advocates for the middle-class warn it caps state and local income and property tax deductions at just $10,000. The plan also scraps a key component of Obamacare, the individual mandate requiring that all Americans have insurance. That could leave 13 million more people uninsured over the next decade. 

 


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