The Senate bill would slash the US corporate tax rate to 20 percent from 35 percent after a one-year delay, give small business owners a 17.4 percent tax deduction, lower rates for individuals, including top earners, and repeal the Obamacare individual mandate.
These include changing the rates on individual tax brackets, almost doubling the standard deduction, eliminating personal exemptions, expanding the child tax credit and repealing the state and local tax deduction.
But critics note it would also add almost $1.5 trillion to a federal debt burden that already surpasses $20 trillion, raise taxes on some families and potentially make health insurance unaffordable for people with medical conditions.
He said some of the changes can still be made, but others will have to wait.
The bill would give small business owners a 17.4 percent tax deduction, while also lowering rates for individuals, including top earners, and repealing the Obamacare individual mandate. Urge your legislators to do one every single year.
President Donald Trump and Republican leaders in Congress want to pass tax legislation by the end of 2017. Republicans control the Senate by a 52-48 margin, leaving little room for defections.
One of the main differences between Republicans and Democrats is that Republicans, in general, favor less government and more tax cuts.
He said the coming weeks in Washington will be crucial.
"I'm not getting everything I want - far from it".
"I plan to vote for this bill as it stands right now", wrote Paul, of Kentucky.
The number of Americans with health insurance would decline by 13 million by 2027 under the bill, which would repeal an Obamacare rule requiring many people to have health insurance or pay a fine, the JCT and the Congressional Budget Office said.
Senator Jeff Flake of Arizona, a vocal Trump critic who is not seeking re-election in 2018, has issued a statement saying he appreciated the effort to fix the tax code but was anxious about the impact on the national debt.
Sens. Bob Corker (TN), Jeff Flake (AZ) and James Lankford (OK) and Jerry Moran (KS) have all warned about the deficit-raising costs of the bill.
GOP leaders are working with on a potential revenue "backstop" in case the party's tax cut legislation fails to produce hoped-for levels of growth and tax receipts.
Republican lawmakers have criticized the CBO's analysis, saying the bill doesn't cut federal support of Medicaid or Obamacare's subsidies. He appears to be talking about a mechanism that could automatically force tax rates back up if revenues fall short.