US President Donald Trump's push to make good ontax cut campaign promises reached a major milestone on Thursday when his fellow Republican Party members revealed their tax reform bill.

After weeks of closed-door deliberations that excluded Democrats, Speaker of the House Paul Ryan introduced the 429-page bill — which can be read in full here — surrounded by fellow House Republicans and families who will allegedly benefit from tax cuts in the plan.

Ryan praised the measure for "making it so America can compete with the rest of the world and so families like those here can have more take home pay."

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Here are some of the main takeaways from the bill:

• Slashes corporate tax rate from 35 percent down to 20 percent
• Incentives for business to bring back profits made overseas to the United States
• Reduces number of tax brackets for individuals and families from seven to four with rates of 12 percent, 25 percent, 35 percent and 39.6 percent
• Raises child tax credit from $1,000 to $1,600, but eliminates $4,050 per child tax exemption
• Repeals inheritance taxes on multimillion-dollar estates in a break for wealthy homeowners
• Popular 401(k) retirement accounts are untouched
• Limits deductibility of local property taxes to $10,000, eliminates property tax deduction for state income taxes
• Churches gain the right to endorse political candidates and retain their tax-free status
• Reduces cap on popular tax deduction for mortgage interest to $500,000 — down from current $1 million cap

Republicans said the measure would simplify the tax code for individuals, making it possible for them to file tax returns on a form the size of a large postcard. The current system requires taxpayers to file returns on pages and pages of complex paperwork.

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Trump calls reform a 'Christmas present'

Trump called the Republican measure "a great bill," saying he was optimistic it would be passed into law by the end of the year.

The US president said his administration was "working to give the American people a giant tax cut for Christmas."

"It will be the biggest cut in the history of our country. It will also be tax reform, and it will create jobs," he said.

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Congress has not managed to pass comprehensive changes to the tax code since 1986 when Republican President Ronald Reagan was president and Democrats were in control of the House.

Back then, bipartisan cooperation helped pass that plan, but Republicans this time around have forged forward without Democrats.

Based on a prior outline of the plan, independent analysts said that the tax reforms would benefit corporations and wealthy Americans the most. They also noted the federal deficit would be greatly expanded over the next 10 years due to a loss of tax revenue.

The Associated Press reported that the proposal would add $1.5 trillion to the nation's debt over the next decade.

rs/rt (AP, dpa, Reuters)