10 things you need to know today: December 16, 2017

GOP releases final tax bill, judge blocks Trump contraception rule, and more

House Speaker Paul Ryan (R-WI), arrives to speak about the Republican tax reform legislation currently before Congress, during his weekly briefing on Capitol Hill December 14, 2017 in Washing
(Image credit: Getty Images)

1. GOP releases final tax bill

Republicans released their final tax bill Friday, the result of conference between House and Senate leadership. Dubbed the Tax Cuts and Jobs Act, the bill includes $1.5 trillion in tax cuts. It maintains seven tax brackets for individual earners, with the top rate capped at 37 percent, down from 39.6 percent. The corporate tax rate is lowered from 35 to 21 percent. The bill also notably includes a deduction for state and local taxes, and it expands the child tax credit to be fully refundable up to $1400 — a concession to Sen. Marco Rubio (R-Fla.). With backing from Rubio and Sen. Bob Corker (R-Tenn.), who flipped to "yes" on Friday, the bill likely has enough votes to make it to the president's desk. Read the full text here.

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