It would be the first major rewrite of our nation's tax code in more than three decades, and it's closer than ever to passing the Senate.

The $1.4 trillion package would slash corporate rates and offer modest tax cuts for some families.

More than half of people in the U.S. would get a tax cut of at least $100, according to the Joint Committee on Taxation.

Tax reform is still being debated on the senate floor on Capitol Hill.

Meantime, a local financial expert says the tax reform has a larger emphasis on businesses, both big and small.

"They want American business to be more competitive,” said Matt Vian, founder of Northsight Wealth Management in Tempe.

That starts from the top, with corporations potentially paying less taxes.

"Currently, [they’re paying] it's 35 percent. This bill is looking to lower it to 20 percent."

The nonpartisan Congressional Budget Office has voiced its opinion that middle-class and poor families will pay more taxes over a decade, and the rich will pay less.

President Donald Trump denies that.

"Believe me, believe -- this is not good for me,” said Mr. Trump.

If you're a small business owner, you may see a benefit too.

"So, your [heating and air] company, your plumbing companies -- those are usually LLCs or a pass-through entity,” said Vian. “So, they're trying to lower that rate to make it easier for the small businessman."

It could mean as much as a 12 percent increase in profit for the business after taxes with the proposed tax cut, according to Forbes.

Future mortgage payers may have something to worry about.

Currently, a married couple can deduct the interest on their mortgages for homes up to $1 million.

The current version of the plan would cut that to $500,000, but many Arizonans wouldn't be affected.

The average house price in the state is roughly $230,000.

"In states like California or New York, where homes are a lot more expensive, it would affect more people,” Vian said. “Here in Arizona, our homes are a little less expensive, so it wouldn't affect as many people."

Speaking of Arizona, Republican Sen. John McCain was previously a holdout on this effort at tax reform.

Thursday, he announced his support for the current plan, though he called it "imperfect."