GOP tax package: What’s in, what’s out, what happens

FILE - In this Aug. 21, 2014 file photo, health care tax forms 8962, 1095-A, and 8965, are seen in Washington. The Obama administration says it's giving employers who need more time a limited extension for critical reporting requirements next year under the federal health care law. The Treasury Department said Monday it acted after many employers complained they might not be able to get information processed in time. (AP Photo/Carolyn Kaster, File)

By Associated Press December 21, 2017 2 min read

WASHINGTON – So what’s in the massive $1.5 trillion Republican tax package, what’s not and what does it mean for most Americans?

The complex legislation, weeks in the making, scales back the popular deduction for state and local taxes, bad news for Americans in some of the wealthiest suburbs of New York, New Jersey and California. The bill preserves the deduction for medical expenses, rebuffing an effort by House Republicans to eliminate it.

The bill provides steep tax cuts for businesses and wealthy families, and more modest reductions for low- and middle-income families.

Here are things to know about the tax overhaul bill:

BUSINESS CUTS ARE PERMANENT