The tax plan is a major accomplishment for President Donald Trump and his Republican allies.
But it still has a long way to go before it’s a reality.
The White House and its allies hope to get the bill passed by the end of the year, and then it can move onto tax reform.
That’s the goal that has many Republican lawmakers and Democrats hoping for a major win, and they’ve been lobbying hard for a bill that’s good for the economy, especially for the middle class.
But the House Ways and Means Committee, which is controlled by the House, is still considering the bill, which has a wide range of Republican and Democratic members.
Here’s what you need know about what’s on the table, and what they’re hoping to achieve.
What are the major provisions?
The bill is expected to include an extension of the Earned Income Tax Credit, which helps low-income workers who work in the private sector.
It would also allow businesses to deduct expenses that they pay to employees and customers, including payroll taxes.
Those deductions are a popular feature for middle-class households, but Republicans have argued that they’re too small to be effective.
There’s also a measure to help low- and moderate-income families make payroll taxes less regressive, and a measure that would provide $1,000 to $4,000 in tax credits to families that earn up to $125,000 per year.
It’s also possible that the bill could increase the standard deduction to $12,000, which would help more middle- and lower-income taxpayers.
Another bill, a scaled-back version of the House GOP tax bill that the House approved last month, would also extend the child tax credit to more families.
And, as you can imagine, it’s unclear how the bill will affect individual taxes.
But Republicans are hoping that the changes they’ve made to the tax code would make it easier for middle and low-class taxpayers to get by.
“The tax code is a complex beast, and this legislation would provide the best path forward to simplify, simplify, simplify,” said Sen. Tom Cotton, R-Ark., in a statement on Tuesday.
“I will continue to work tirelessly with my colleagues to enact comprehensive tax reform that lifts Americans out of poverty and enables them to thrive and create jobs.”
There are also tax cuts in the bill that could benefit high-income earners, including a reduction in the top corporate rate to 21 percent from 39.6 percent, the largest in the world.
Republicans have also proposed a tax cut for individuals that would give them an immediate benefit, like lowering the estate tax to pass on to heirs and allowing married couples to file jointly.
The House GOP plan includes a variety of other tax cuts.
The most important of those is the proposal to simplify the individual tax code, a proposal that has bipartisan support.
Republicans want to bring it back to its original form that the Tax Reform Act of 1986 would have imposed, but with a few tweaks.
In addition to eliminating the personal exemptions that are among the main drivers of many of the GOP’s most popular tax cuts, the bill would make deductions for inflation, the cost of college tuition and medical expenses.
The bill would also eliminate the estate and gift tax, which are popular tax breaks for the wealthy.
The Trump administration has said that it will also seek to keep the estate-tax rate low, but not as high as the rate on individual income taxes.
How much does it cost?
The tax bill would cost about $1.6 trillion over the next decade.
It comes at a time when the federal deficit is projected to grow by $2.4 trillion, according to the Congressional Budget Office, which expects that deficit to grow to $3.5 trillion by 2027.
That increase is likely to come mostly from tax cuts for the rich and corporations.
The tax cut package also would provide more help to the middle-income group, which includes many working-class Americans, by making it more difficult for companies to deduct their taxes from employees’ wages.
The plan would also provide a huge benefit to middle-aged and older Americans, who tend to be more likely to be married and to have higher wages.
Under the current tax code and the current estate-planning rules, the middle classes get an average of about $3,000 of tax relief in a decade.
But in the tax bill, they would get $8,000 and $10,000 more in the first decade of the plan, according a Brookings Institution analysis.
That would be a significant boost to the economy for middle class families, and one that could help them get ahead.
But there’s another big benefit to the poor: They’ll be able to take advantage of a new credit for people on low incomes that the Senate passed in April, and it would likely be even bigger for the poor.
This credit, called the Child Tax Credit or Child Tax Benefit, would allow middle- or lower-class families to deduct up to