After threatening to vote "no" on the GOP tax bill, Sen. Marco Rubio (R-Fla.) and Sen. Bob Corker (R-Tenn.) pledged their support when the bill was finalized. In the final GOP bill, the majority of these companies get to deduct 20 percent of their income tax-free, a large reduction that mirrors what was in the Senate bill. No corporate “AMT” tax: The final GOP bill gets rid of the corporate alternative minimum tax, a big relief to the business community. The corporate AMT makes it difficult for businesses to reduce their tax bill much lower than 21 percent. Under the final Senate bill, that threshold is lifted to $500,000 for individuals and $1 million for married couples.

Source: Washington Post December 15, 2017 22:53 UTC