BREAKING DOWN THE FINAL GOP TAX BILL

Votes coming next week for passage

Republican House and Senate negotiators released a final tax bill Friday thatwould overhaul the individual and corporate codes after making last- minute changes that appeared to lock down the necessary votes needed for passage.

Raising the child tax credit won over at least one GOP holdout, Sen. Marco Rubio, who said Friday that he would vote “yes” after threatening to scuttle the deal only 24 hours earlier.

And in a major reversal, Sen. Bob Corker of Tennessee said Friday that he would support the bill, despite voting against a similar measure earlier this month because of concerns that it would add to the na-

tional debt.

“This bill is far from perfect,” said Corker, who decided to support the bill nowbecause the country is “better off with it” than without it.

Those two new “yes” votes put the bill on solid ground for final passage nextweek, potentially allowing President Trump to sign it by Christmas.

Here’s a look at what’s in the bill:

Eliminated

Personal exemptions, which in 2017 reduce taxable income by $ 4,050 each for taxpayers, spouses and dependent children.

Increased

The standard deduction, which goes from $ 12,700 this year to $ 24,000 next year for couples filing jointly. For individuals, the amount will go from $ 6,350 to $ 12,000.

State and local tax deduction

New maximum of $ 10,000 for a combination of property and income taxes or property and sales taxes.

Tax brackets and rates

10% on the first $ 19,050 of income for couples, $ 9,525 for individuals.

12% above $ 19,050 for couples and $ 9,525 for individuals.

22% above $ 77,400 for couples and $ 38,700 for individuals.

24% above $ 165,000 for couples and $ 82,500 for individuals.

32% above $ 315,000 for couples and $ 157,500 for individuals.

35% above $ 400,000 for couples and $ 200,000 for individuals.

37% above $ 600,000 for couples and $ 500,000 for individuals.

Charitable contributions

Remain deductible for those who itemize, and the current limitation of 50% of income is increased to 60%.

Child tax credit

Increased from$ 1,000 per child to $ 2,000, of which $ 1,400 is refundable, meaning it would be paid to parents even if they do not owe income tax. Value of the credit begins to decrease when family income exceeds $ 400,000.

Mortgage interest

Remains deductible for itemizers, but only the interest on the first $ 750,000 borrowed is deductible for new mortgages.

Corporations

New21% rate as of Jan. 1would be permanent.