Representative Brady: Wanted to drive tax relief for everyone 6:12 PM ET Fri, 15 Dec 2017 | 04:47

Republicans on Friday released their final proposal to overhaul the American tax system, which would chop taxes for corporations, trim rates for individuals and tweak tax deductions.

The House and Senate GOP hope to pass the sweeping measure by the middle of next week, hitting a year-end target. The House will vote on the plan on Tuesday, House Majority Leader Kevin McCarthy, R-Calif., said in a statement.

Republicans argue that cuts contained in the bill will spark business investment, hiring and wage growth. Democrats call the plan a giveaway to corporations at the expense of the middle class, expressing concerns about the $1 trillion or more it is projected to add to federal budget deficits over a decade.

With two skeptical Republican senators falling in line Friday, the GOP appears set to have the support to push the bill through next week on a party line vote.

Here are some of the provisions the bill contains, according to a Republican summary: