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GOP Readies Tax Reform for Christmas

Capitol Hill AS
Capitol Hill AS

WASHINGTON, D.C. - Republicans on Capitol Hill are working to wrap up a tax reform package to deliver to President Donald Trump just in time for Christmas.

The House and Senate have already passed their versions of reform and are now working to blend the bills together.

The compromise package being crafted reduces the top tax rate for wealthy Americans to 37 percent. It also slashes the tax rate on businesses from 35 to 21 percent, which is close to the level conservatives wanted. The plan also reduces taxes for individuals.

"Tax reform is what people need right now and I am so thrilled that we are so close to the finish line. We are going to keep at it so we can deliver real tax relief before Christmas," Speaker Paul Ryan, R-Wis., said Tuesday.

Lawmakers hope to finalize the bill by Friday, vote on it next week and deliver to the White House the first major tax cuts in three decades before they leave town for the Christmas break.

If they can pull this off it will represent the president's first major legislative victory of his first year in office.

However, until the final version is drafted and the House and Senate vote, nothing is certain.

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