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Two key GOP holdouts came on board after getting concessions they say will help small businesses. That creates a path to pass the bill over concerns that it could add over $1 trillion to the deficit.
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Even though the federal health law allows young adults to stay on their parents' plan through age 26, those children are generally responsible for their own bills.
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A poll found that 38 economists agree the GOP tax plan will not pay for itself through growth. In fact, they're doubtful that growth will happen anyway.
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The White House budget director said the Senate GOP bill cuts individual rates for just eight years to "game the system" and hopes those cuts become permanent. It happened before, sparking a crisis.
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The GOP measure would sharply reduce corporate tax rates and double the standard deduction many individuals take. Senate Republicans have their own bill, which could pass a committee vote on Friday.
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The Senate plan would make tax cuts for individuals temporary and canceling out Obamacare's individual mandate. Wisconsin's Ron Johnson became the first Republican senator to come out against it.
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Republican leaders expressed confidence that the measure could pass the Senate. It is likely to face even fewer hurdles in the House, as the GOP aims to pass a tax bill by Christmas.
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Supporters of the tax cut say it will lead to more hiring and faster growth. But the evidence isn't so clear-cut.
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Both tax proposals in the House and the Senate would add about $1.5 trillion to the nation's debt over the next 10 years. That's a big concern for many economists and some lawmakers.
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A proposal unveiled Thursday seeks to permanently cut corporate taxes to 20 percent. It would reduce the number of tax brackets and cap deductions on mortgage interest and local taxes.