Republicans reportedly reach agreement on final tax plan

Paul Ryan.
(Image credit: Al Drago/Getty Images)

Republicans in the House and Senate have reportedly reached an agreement for the final version of their tax overhaul bill. Aides told The Associated Press that while certain details still need to be reviewed, the final legislation will likely be unveiled later this week.

Although specific details were not immediately available, lawmakers had been working on getting the bill to a final vote next week that would lower the corporate tax rate to 21 percent and the top individual tax rate from 39.6 percent to 37 percent, The New York Times reports. The versions of the bill passed by the House and Senate lowered the corporate tax rate to 20 percent. The individual rate is being lowered due to the concerns of wealthy taxpayers, who are afraid that because the Republicans want to eliminate several individual deductions, their taxes will go up.

The Times adds that "it is not clear if Republican senators will roundly endorse the deal."

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