Briana Koeneman
Lawmakers Are Working To Ban 'Hush Money' Tax Deductions
The current U.S. tax code allows businesses to write off sexual misconduct-related settlements as "ordinary and necessary" expenses.
LEARN MOREPosted: 6:25 p.m. EST Dec 15, 2017
The House and the Senate have officially unveiled the latest version of the tax overhaul bill.
If the blended bill passes, it would lower the corporate tax rate from 35 percent to 21 percent. For individual tax rates, the bill proposes seven income brackets and would set the top individual tax rate at 37 percent, down from 39.6 percent.
The legislation would also put the mortgage interest deduction threshold at $750,000 and would repeal the Affordable Care Act's individual mandate.
Both chambers are expected to vote on the bill Monday and Tuesday. And lawmakers say they hope to send the final version to President Donald Trump's desk by Christmas.
