text: u.s. house representatives give final approval wednesday sweep debt-financed tax bill midday vote go president donald trump sign law although time unclear senate approve bill early wednesday key part bill represent big overhaul u.s. tax code 30 years corporate tax rate cut corporate income tax rate permanently 21 percent 35 percent jan. 2018. pass-throughs create 20 percent deduction first 315,000 qualify business income joint filers pass-through businesses partnerships sole proprietorships income threshold legislation phase limit produce effective marginal tax rate 29.6 percent corporate alternative minimum tax repeal 20 percent corporate alternative minimum tax set ensure profitable corporations pay least tax territorial system exempt u.s. corporations u.s. tax future foreign profit end present worldwide system tax profit u.s.-based corporations matter earn would align u.s. tax code industrialize nations undercut many offshore tax-dodging strategies deliver multinationals goal pursue years repatriation set one-time mandatory tax percent illiquid assets 15.5 percent cash cash equivalents 2.6 trillion u.s. business profit hold overseas foreign cash pile create rule make foreign profit tax-deferred bring unite state repatriate rule would render obsolete territorial system anti-base erosion measure prevent company shift profit unite state lower-tax jurisdictions abroad set alternative minimum tax payments u.s. corporations foreign affiliate limit shift corporate income transfer intangible property include patent combination measure repatriation territorial system provision represent dramatic overhaul u.s. tax system multinationals capital expense allow businesses immediately write expense full value investments new plant equipment five years gradually eliminate 100 percent expense five years begin year six also make change permit expense small businesses interest deduction limit cap business deductions debt interest payments 30 percent taxable income regardless deductions depreciation amortization depletion clean energy preserve tax credit produce electricity wind biomass geothermal solar municipal waste hydropower carry interest leave place carry interest loophole private equity fund managers hedge fund managers despite pledge republicans include president donald trump close financier claim low capital gain tax rate much income investments hold year new rule would extend hold period three years put loophole reach fund managers preserve availability many bracket maintain current seven tax bracket temporarily change income level rat one marry couple file jointly effective jan. 2018 end 2026 income tax would 10 percent 19,050 versus 10 percent 18,650 exist law 12 percent 19,051 77,400 versus 15 percent 18,651 75,900 22 percent 77,401 165,000 versus 25 percent 75,901 153,100 24 percent 165,001 315,000 versus 28 percent 153,101 233,350 32 percent 315,001 400,000 versus 33 percent 233,351 416,700 35 percent 400,001 600,000 versus 35 percent 416,701 470,700 37 percent 600,000 versus 39.6 percent 470,700 single individuals effective jan. 2018 end 2026 income tax would 10 percent 9,525 versus 10 percent 9,325 exist law 12 percent 9,526 38,700 versus 15 percent 9,326 37,950 22 percent 38,701 82,500 versus 25 percent 37,951 91,900 24 percent 82,501 157,500 versus 28 percent 91,901 191,650 32 percent 157,501 200,000 versus 33 percent 191,651 416,700 35 percent 200,001 500,000 versus 35 percent 416,701 418,400 37 percent 500,000 versus 39.6 percent 418,400 bracket would expire 2025. standard deduction change expect end itemize deductions millions americans bill eight years begin jan. 2018 would increase standard deduction fix amount subtract adjust gross income low taxable income 12,000 6,350 individuals 24,000 12,700 marry couple child tax credit double child tax credit 2,000 per dependent child age 17 refundable portion 1,400 refundable portion allow families low tax bill zero receive refund remain value personal exemption temporarily eliminate 4,050 individual personal exemption present law taxpayers earn certain income cap subtract fix dollar amount adjust gross incomes low taxable incomes generally one exemption allow per individual spouse child dependent would take effect jan. 2018 personal exemption would return 2026. individual alternative minimum tax leave amt place temporarily change raise exemptions phase-outs mean few people pay tax still take small hit inheritances raise exemption estate gift tax 10 million million per person index new exemption level inflation 2011. mean even few americans would pay estate tax would stay book mortgage residences buy jan. 2018 dec. 31 2025 bill cap deduction mortgage interest 750,000 home loan value dec. 31 2025 cap would revert million loan value suspend deduction interest home equity loan jan. 2018 2026. medical expense temporarily expand deductibility out-of-pocket medical expense 2019. obamacare mandate repeal federal fine impose americans obamacare obtain health insurance coverage change expect undermine 2010 healthcare law anwr drill allow oil drill alaska arctic national wildlife refuge 's final republican tax bill
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TEXT: u.s. house representatives give final approval wednesday sweep debt-financed tax bill midday vote go president donald trump sign law although time unclear senate approve bill early wednesday key part bill represent big overhaul u.s. tax code 30 years corporate tax rate cut corporate income tax rate permanently 21 percent 35 percent jan. 2018. pass-throughs create 20 percent deduction first 315,000 qualify business income joint filers pass-through businesses partnerships sole proprietorships income threshold legislation phase limit produce effective marginal tax rate 29.6 percent corporate alternative minimum tax repeal 20 percent corporate alternative minimum tax set ensure profitable corporations pay least tax territorial system exempt u.s. corporations u.s. tax future foreign profit end present worldwide system tax profit u.s.-based corporations matter earn would align u.s. tax code industrialize nations undercut many offshore tax-dodging strategies deliver multinationals goal pursue years repatriation set one-time mandatory tax percent illiquid assets 15.5 percent cash cash equivalents 2.6 trillion u.s. business profit hold overseas foreign cash pile create rule make foreign profit tax-deferred bring unite state repatriate rule would render obsolete territorial system anti-base erosion measure prevent company shift profit unite state lower-tax jurisdictions abroad set alternative minimum tax payments u.s. corporations foreign affiliate limit shift corporate income transfer intangible property include patent combination measure repatriation territorial system provision represent dramatic overhaul u.s. tax system multinationals capital expense allow businesses immediately write expense full value investments new plant equipment five years gradually eliminate 100 percent expense five years begin year six also make change permit expense small businesses interest deduction limit cap business deductions debt interest payments 30 percent taxable income regardless deductions depreciation amortization depletion clean energy preserve tax credit produce electricity wind biomass geothermal solar municipal waste hydropower carry interest leave place carry interest loophole private equity fund managers hedge fund managers despite pledge republicans include president donald trump close financier claim low capital gain tax rate much income investments hold year new rule would extend hold period three years put loophole reach fund managers preserve availability many bracket maintain current seven tax bracket temporarily change income level rat one marry couple file jointly effective jan. 2018 end 2026 income tax would 10 percent 19,050 versus 10 percent 18,650 exist law 12 percent 19,051 77,400 versus 15 percent 18,651 75,900 22 percent 77,401 165,000 versus 25 percent 75,901 153,100 24 percent 165,001 315,000 versus 28 percent 153,101 233,350 32 percent 315,001 400,000 versus 33 percent 233,351 416,700 35 percent 400,001 600,000 versus 35 percent 416,701 470,700 37 percent 600,000 versus 39.6 percent 470,700 single individuals effective jan. 2018 end 2026 income tax would 10 percent 9,525 versus 10 percent 9,325 exist law 12 percent 9,526 38,700 versus 15 percent 9,326 37,950 22 percent 38,701 82,500 versus 25 percent 37,951 91,900 24 percent 82,501 157,500 versus 28 percent 91,901 191,650 32 percent 157,501 200,000 versus 33 percent 191,651 416,700 35 percent 200,001 500,000 versus 35 percent 416,701 418,400 37 percent 500,000 versus 39.6 percent 418,400 bracket would expire 2025. standard deduction change expect end itemize deductions millions americans bill eight years begin jan. 2018 would increase standard deduction fix amount subtract adjust gross income low taxable income 12,000 6,350 individuals 24,000 12,700 marry couple child tax credit double child tax credit 2,000 per dependent child age 17 refundable portion 1,400 refundable portion allow families low tax bill zero receive refund remain value personal exemption temporarily eliminate 4,050 individual personal exemption present law taxpayers earn certain income cap subtract fix dollar amount adjust gross incomes low taxable incomes generally one exemption allow per individual spouse child dependent would take effect jan. 2018 personal exemption would return 2026. individual alternative minimum tax leave amt place temporarily change raise exemptions phase-outs mean few people pay tax still take small hit inheritances raise exemption estate gift tax 10 million million per person index new exemption level inflation 2011. mean even few americans would pay estate tax would stay book mortgage residences buy jan. 2018 dec. 31 2025 bill cap deduction mortgage interest 750,000 home loan value dec. 31 2025 cap would revert million loan value suspend deduction interest home equity loan jan. 2018 2026. medical expense temporarily expand deductibility out-of-pocket medical expense 2019. obamacare mandate repeal federal fine impose americans obamacare obtain health insurance coverage change expect undermine 2010 healthcare law anwr drill allow oil drill alaska arctic national wildlife refuge 's final republican tax bill