US President Donald Trump has defended the Republican tax cut as a good deal for the middle class while boldly suggesting it could lead to explosive economic growth.
The legislation, which the Republicans aim to muscle through congress next week, would lower taxes on the richest Americans. Benefits for most other taxpayers would be smaller but Trump attempted to sell the bill as a "Christmas present" for middle-class Americans in part because it would trigger job growth.
"It'll be fantastic for the middle-income people and for jobs, most of all," Trump told reporters on Saturday on the White House lawn before travelling to Camp David for the weekend.
"And I will say that because of what we've done with regulation and other things our economy is doing fantastically well, but it has another big step to go and it can't take that step unless we do the tax bill."
Trump also predicted the legislation would cause the economy to soar beyond its current 3 per cent rate of growth.
"I think we could go to 4, 5 or even 6 per cent, ultimately," the president said. "We are back. We are really going to start to rock."
Many economists believe that attaining consistent 4 or 5 per cent annual growth would be challenging.
The Republican plan is the widest-ranging reshaping of the tax code in three decades and is expected to add to the nation's $US20 ($A28) trillion debt. The tax cuts are projected to add $US1.46 trillion over a decade.
Under the bill, today's 35 per cent rate on corporations would fall to 21 per cent, the crown jewel of the measure for many Republicans. Trump and GOP leaders had set 20 per cent as their goal but added a point to free money for other tax cuts that won over wavering lawmakers in final talks.
"This is happening. Tax reform under Republican control of Washington is happening," House Speaker Paul Ryan told rank-and-file members in a conference call on Friday. "Most critics out there didn't think it could happen. ... And now we're on the doorstep of something truly historic."
The bill would repeal an important part of President Barack Obama's Affordable Care Act - the requirement that all Americans have health insurance or face a penalty - as the GOP looks to unravel a law it failed to repeal and replace this past summer. It came together as Republicans cemented the needed support for the overhaul, securing endorsements from wavering senators.
Sceptical Democrats are likely to oppose the legislation unanimously.
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