CHARLOTTE, N.C. – President Trump is hoping Congress will pass a compromise tax overhaul bill by Christmas, allowing him to fulfill one of his long-standing campaign promises.

Republicans in the House and Senate have agreed on a bill that would cut the corporate tax rate to 21% and cut the individual top tax rate to 37%.

Looking at household income taxes, a household income of $25,000 would earn a tax savings of $396. A $75,000 household income would get a savings of $2,129 and a household income of $175,000 would see a savings of $5,240.

The new plan would cap deductions for state and local taxes at $10,000.

While many Charlotte residents said that they were not familiar with all the details of the new bill, one woman expressed concerns about the impact on small businesses.

"I understand that small businesses are going to be taxed on their gross, not net and that would be catastrophic for small business owners," said Alice Sveatut.

Tucked away in the tax bill is a measure to repeal a major component of Obamacare. The individual mandate that penalizes people for not having health insurance would be eliminated.

It is expected both houses of Congress will vote on the bill early next week.