UPDATE | Final GOP bill creates 7 tax brackets

WASHINGTON (AP) — The final version of the GOP tax bill would create seven tax brackets, including a new 37 percent rate for top-end wage earners.

That's according to a summary of the measure provided to The Associated Press.

The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent.

The measure also lowers the top corporate tax rate from 35 percent to 21 percent. It provides sweeping tax deductions to other businesses lowering their top effective tax rate to about 30 percent instead of 39.6 percent.

It retains key tax breaks that would have been killed under previous versions, including a deduction for medical expenses and an exemption for graduate school tuition waivers. It contains a compromise $10,000 deduction for state and local taxes.