(Reuters) - US President Donald Trump will make a final push on Wednesday to shepherd a Republican tax overhaul over the finish line, hosting congressional negotiators for lunch before delivering a speech in which he will make his closing arguments for the legislation.
Republican tax writers from the Senate and House of Representatives worked into Tuesday evening to reconcile differences between the separate plans passed by each chamber, but key details, including a final corporate rate, remained in flux.
Both bills proposed slashing the corporate tax rate to 20% from 35%, but negotiators were discussing on Tuesday whether that rate may rise to 21% in the final bill, lawmakers said.
Tax writers were also still determining a top rate for individual taxpayers and weighing how to best scale back popular individual deductions for mortgage interest and local tax payments that the Senate and House bills treated differently.
“We’re still talking,” No. 2 Senate Republican John Cornyn said late Tuesday of a possible 21% corporate rate.
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With a meeting of the official bipartisan negotiating committee scheduled for Wednesday afternoon, Republicans were still trying to finalise key details without exacerbating the deficit impact of legislation that could add as much as $1.5 trillion to the national debt over the next decade, according to independent estimates.