The influential National Federation of Independent Business, which represents small businesses and had opposed the House bill, reversed course and said it backed both an amended House bill and the Senate version. Other groups shook off the delayed rate cut and embraced the Senate plan. Like the House bill, the Senate’s version plans to roughly double the standard deduction and expand the child tax credit. The House bill would still allow individuals to deduct property taxes up to $10,000. The amendment restores the adoption tax credit, which the House tax plan had planned to repeal.

Source: New York Times November 09, 2017 16:49 UTC