After hours negotiating the final details of their tax bill in secret, Senate Republicans finally added their amendments to the final version of the Tax Cuts and Jobs Act, shortly before the bill is scheduled for a vote Friday night.
Republicans lawmakers are pushing through with the bill without waiting for the Joint Committee on Taxation to analyze its full impact. On Thursday, the JCT had concluded that an earlier version of the bill would add $1 trillion to the federal deficit over 10 years, even after factoring in economic growth.
Lawmakers have since been scrambling to make changes to the bill to win over the votes of reluctant deficit hawks and to make concessions to other members — handwriting some sections in the margins of the bill. At the last minute, senators decided to include the state and local property tax deduction with a $10,000 cap and raise the deduction for pass-through business income to 23 percent. They also decided not to repeal the alternative minimum tax for individuals, though it will still be eliminated for corporations.
A preliminary version of the final Senate bill was leaked to Sahil Kapur of Bloomberg News. Read the text of the bill below: