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Reports: House, Senate tax writers consider 21% corporate rate

Lawmakers are weighing a corporate tax rate of 21% on the eve of the meeting of the conference committee to produce a final version of the Tax Cuts and Jobs Act, according to The Washington Post.

The corporate tax rate in both the House and Senate tax plans sits at 20%, though President Donald Trump has expressed an openness to raising the corporate rate if it is needed to pass a bill.

Congressional Republicans are also reportedly discussing lowering the top tax rate for individuals from 39.6% to 37%, according to the report. The Senate bill's top income tax rate was originally set at 38.5% for income above $1 million, while the House bill had kept the existing 39.6% for the same income threshold.

Lawmakers are also moving toward increasing the cap on the mortgage interest rate deduction from the House bill's $500,000 ceiling to $750,000, the Post reports.

Trump is scheduled to deliver a speech Dec. 13 arguing that tax reform will help middle-class families across the country.