Saturday, December 16th 2017, 8:50 am
House and Senate Republicans on Friday released the final text of their legislative agreement on taxes, after negotiators from both chambers worked out the differences between their two bills. Significantly, the final agreement eliminates the individual mandate penalty under Obamacare, something the original Senate bill did but the House bill did not.
The success of the final legislation looked more likely Friday, after Sen. Bob Corker, R-Tennessee, said he would vote for the bill, and Sen. Marco Rubio, R-Florida, seemed to have his concerns about the generosity of the child tax credit satisfied. The House is expected to vote on the legislation Tuesday, and the Senate after that. No Democrats are expected to vote for the legislation.
Here are the details of the final tax agreement, according to highlights from the conference committee:
The GOP claims the bill will mean a $2,059 tax cut for a family of four earning the median family income of $73,000.
This is a developing story and will be updated.
CBS News' Catherine Reynolds and Kathryn Watson contributed to this report.
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