President Trump and congressional Republicans reached a deal Wednesday on a $1.4 trillion tax cut and said that if they can get it signed into law by Christmas, Americans will begin to see more money in their paychecks by February.
Republicans plan to put the bill on the House and Senate floors next week, pushing for speed because of looming changes in the composition of the Senate and because they are desperate for a big win before the end of the year.
Details of the bill won’t be released until the end of this week, but the breakthrough seems to have come after Republican leaders agreed to free up cash by setting the corporate income tax rate at 21 percent, up from the 20 percent red line drawn by the White House and congressional conservatives.
Mr. Trump blessed the 21 percent rate on Wednesday, saying it was a massive improvement over the current 35 percent rate. “If it got down to 21, I would certainly be thrilled,” he said.
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