By the end of the year, the House of Representatives is set to pass its version of the tax bill, but it has a number of procedural hurdles to clear before it can get to President Donald Trump’s desk.
Here’s what you need to know about the tax overhaul.
How do I vote?
If you live in an area that doesn’t yet have the bill, you can still vote on it as soon as the final version is released on Tuesday.
If you live outside the U.S. but plan to vote in the midterm elections in November, you’ll need to have your absentee ballot count by July 4.
If that’s not possible, you might want to do your polling by phone.
If you want to get the details on how the bill will affect you, read our guide to the tax legislation and what you can do to make sure you’re eligible.
If there’s one thing you can count on, it’s that tax-cut supporters will have plenty of ways to highlight their benefits.
The House’s version of its tax overhaul includes the biggest cuts to the U and individual income tax rates.
Under the Senate bill, those reductions will be even more dramatic, with the top marginal rate going down from 35 percent to 20 percent.
The biggest winners are the wealthiest Americans, with a 20 percent tax cut for individuals earning $5 million to $10 million and a 23 percent reduction for the highest earners.
The middle class will see a reduction of 10 percent.
The top 1 percent of earners will see an average tax cut of about $1 million.
The bottom 20 percent of Americans will see tax cuts of $3,000 to $4,000.
That means that middle-income families are getting a lot of benefit from the tax cuts in the Senate version of this bill.
The bill does, however, include some changes to tax breaks for companies, which have received a lot more attention than they’ve received under the previous version of it.
The bill eliminates some of those tax breaks, and the corporate tax rate will be lowered from 35 to 20.
The Senate version also includes a number that are more popular with the Republican base than they are in the House bill: the state and local tax deduction for businesses.
While the bill is far from perfect, it still looks like a significant tax cut.
In terms of the changes to the individual tax code, the bill looks to be more than just a “reform” of the current system.
The tax bill is, in fact, designed to make the system more fair.