Republicans’ $1.5 Trillion Tax Plan Appears on Track to Pass Next Week

The bill also includes changes large and small to appease business lobbyists and their congressional champions, such as additional tax relief for the owners of engineering and architectural firms and the elimination of a change in capital gains treatment of homes sales — a key priority for the real estate industry.

One of the biggest changes came on Friday, when lawmakers agreed to a demand by Mr. Rubio to expand the child tax credit by allowing families who owe no federal income taxes to still claim up to $1,400 of the $2,000 child tax credit, up from $1,100 in the original version. But that change was offset by limiting the bill’s benefits to some higher-income families, and by restricting it to children age 16 and below, down from 17 and below in the Senate bill. The net result was a credit that is more lucrative for lower-income earners but actually slightly less costly than the Senate bill.

Republicans must stay within a $1.5 trillion limit that lawmakers have allowed on the amount the bill can add to federal deficits if they want to pass it without Democratic support.

The bill’s price tag had been a sticking point for one senator, Mr. Corker, a longtime deficit hawk, who voted against the initial Senate bill over concerns it would add to the federal debt. But on Friday, he said he was swayed to support the bill despite its cost. The congressional Joint Committee on Taxation analysis showed the Senate plan would add $1 trillion to the federal budget deficit.

“This bill is far from perfect, and left to my own accord, we would have reached bipartisan consensus on legislation that avoided any chance of adding to the deficit, and far less would have been done on the individual side with items that do not generate economic growth,” he said.

What’s in the Final Republican Tax Bill

The legislation would cut taxes for corporations. American taxpayers, in large part, would…

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