Highlights of the bill,

Highlights of the GOP tax plan. It proposes to simplify the tax system, cut taxes for the middle class, and reduce taxes on businesses and corporations. Passage is a priority for President Donald Trump and Republicans, who are hoping for a major legislative victory to cite going into the 2018 elections.

Income tax rates: Would sets four income tax rates of 12 percent, 25 percent, 35 percent and 39.6 percent. The 25 percent rate would start at $90,000 for married couples, with a 35 percent rate beginning to bite at $260,000 — which means many upper-income families whose top rate is 33 percent would face higher taxes. Individuals making $500,000 and couples earning $1 million would face the current Clinton-era top rate of 39.6 percent.

Deductions: Would nearly double the standard deduction to $12,000 for individuals and $24,000 for couples, which means significantly fewer taxpayers would itemize deductions like mortgage interest. Would limit the mortgage interest deduction for new mortgages to loans up to the first $500,000, instead of the present $1 million limit. Would eliminate the deduction for state income taxes and caps the deduction for property taxes at $10,000. But personal exemptions of $4,050 for each family member would be eliminated.

Tax credits: Would increase the per-child tax credit from 1,000 to $1,600 and extends it to families earning up to $230,000. There’s also a new $300 tax credit for each adult in a family.

Business taxes: Would cut the top corporate tax rate from 35 percent to 20 percent. Would lower the rate for many “pass-through” businesses currently taxed at individual rates to 25 percent, though service businesses such as law firms would not be eligible.

Multinational corporations: Would establish a 10 percent tax on profits by overseas subsidiaries of U.S. corporations and seeks to prevent tax gamesmanship that has moved U.S. companies overseas. Would permit “repatriation” of profits stockpiled overseas at a one-time lower rate. Would tighten tax rules on U.S. operations of foreign companies.

AMT: Would repeal the alternative minimum tax, a parallel tax structure aimed at ensuring that all people pay at least some tax. It has been criticized for excessive complexity.

Estate tax: Would immediately double the exemption on taxation of large estates from $11.2 million to $22.4 million and repeal the estate tax entirely after six years.