Republican leaders on Wednesday reached an agreement on their final tax bill, paving the way for an overhaul of the federal tax code by Christmas.

Republicans are moving with full speed to pass the tax bill, a process that gained urgency after the Democrat Doug Jones’ unexpected victory Tuesday in Alabama’s special election for a US Senate seat.

The bill, called the Tax Cuts and Jobs Act, is in a conference committee to iron out discrepancies between the House and Senate versions that those chambers passed. The final bill could have significant changes.

The Republican members of the committee are closing in on a deal that would make the corporate tax cuts slightly less generous while also lowering taxes on the wealthiest Americans.

Read more at American Action News.

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