As it stands now, the tax bill Republican lawmakers are working on in the hopes of getting it to a final vote next week would lower the corporate tax rate to 21 percent and the top individual tax rate from 39.6 to 37 percent, The New York Times reports.
The versions of the bill passed by the House and Senate dropped the corporate tax rate to 20 percent. The individual rate is being lowered due to the concern of wealthy taxpayers who are afraid that because the Republicans want to eliminate several individual deductions, their taxes will go up, the Times says. Sen. John Cornyn (R-Texas) said progress is being made on the legislation and a deal could be reached late Tuesday. Republicans want to have the text out by Friday, ahead of a Senate vote on Monday and a vote in the House on either Tuesday or Wednesday.
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