Congress' final proposal on tax reform

Late in the day on Friday, the Republican leadership released the final details of their tax reform bill, after a week of hammering out compromises in the conference committee. They're expected to vote on it early in the week before Christmas.

Here are the highlights and most important provisions.

The conferees settled on a corporate tax rate of 21 percent, well down from the current 35 percent, and a rate that President Trump has said he would accept, though he had originally set 20 percent as his desired rate.

In addition, the rate would take effect in 2018, not 2019, as the Senate had proposed to offset some of the revenue loss.

The highest individual tax rate would drop from its current 39.6 percent down to 37 percent; there would be still be seven brackets, with the following rates for individual filers (and joint filers):
* 10 percent: $0 to $9,525 ($0 to $19,050)
* 12 percent: $9,525 to $38,700 ($19,050 to $77,400)
* 22 percent: $38,700 to $82,500 ($77,400 to $165,000)
* 24 percent: $82,500 to $157,500 ($165,000 to $315,000)
* 32 percent: $157,500 to $200,000 ($315,000 to $400,000)
* 35 percent: $200,000 to $500,000 ($400,000 to $600,000)
* 37 percent: $500,000 and above ($600,000 and above)