US tax Bill offers breaks for developers, banks and oil industry

Banks and other financial institutions will still be able to avoid taxes by making payments to offshore subsidiaries

The overhaul by Republican lawmakers of the nation’s tax laws percolated for weeks with virtually no public input, and by the end it turned into a chaotic mad dash with many last-minute changes on Friday night and Saturday morning, some handwritten in the margins of the nearly 500-page Bill. Still, it was clear that many changes expanded tax benefits for the wealthiest taxpayers, while other attempts to close loopholes fell by the wayside. The Bill would add $1 trillion to deficits over the coming decade. Here are some of the changes:

Lower taxes for top 1%

The richest taxpayers will be taxed