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The uneven effects of the legislation — and the possibility that some middle-class Americans could see their tax bills increase — promise to complicate the Republican effort to unify behind the bill. Several powerful lobbying organizations, some long aligned with the GOP, vowed Thursday to fight the proposal.

But for Republicans, the tax push represents possibly their last opportunity to pass a major piece of legislation before campaign season begins for next November’s elections, when their majorities in the House and Senate will be challenged.

President Donald Trump has put changing the tax code at the top of his domestic agenda, and the party holds enough seats in the House and Senate to pass the bill into law without support from a single Democratic lawmaker. But to succeed, GOP lawmakers will have to avoid the internal divisions that have undermined other major legislative efforts, including multiple failed attempts to repeal the Affordable Care Act.

Trump praised House lawmakers for introducing the bill and predicted that some iteration of the tax cut plan will be signed into law by year’s end.

“We are giving them a big, beautiful Christmas present in the form of a tremendous tax cut,” he said in brief remarks from the White House.

The bill, unveiled by GOP leaders Thursday morning at an elaborate news conference in the Capitol, would slash the corporate tax rate to 20 percent from 35 percent, the most significant in a series of benefits the bill contains for businesses. In addition to the $1 trillion in total tax cuts over 10 years for businesses, the proposal would mean $300 billion in tax cuts for households and families, as well as $200 billion in tax cuts — almost all of which will benefit the wealthiest families — by repealing the estate tax, according to estimates from the nonpartisan Committee for a Responsible Federal Budget.

The legislation is the result of months of negotiation among Trump administration officials and many Republican lawmakers, discussions that continued right up to the hours before the bill’s release.

On Wednesday evening, House Ways and Means Committee Chairman Kevin Brady, R-Texas, suggested the party might wobble on Trump’s promise to permanently cut the business tax rate, instead having the rate expire after eight years as part of an effort to facilitate the bill’s passage in the Senate. But in a late change, Republicans extended the cut in the business tax rate, in part by scaling back the scope of a new “Family Flexibility Credit” for parents and non-child dependents that the bill would create, said several people involved in the discussions who were not authorized to discuss them publicly.

In the version of the bill introduced Thursday, the credit would be worth $300 annually and would be eliminated in five years.

For individuals and families, income-tax rates would go down. Currently, families have to pay a tax rate of 39.6 percent on income above $470,700. The House Republican bill would apply that tax rate only to income above $1 million for families. Rates further down the income spectrum would be cut as well.

“It’s an awesome tax cut,” said Rep. Bill Flores, R-Texas. “I mean, it rebuilds working-class America — great for jobs, great for the economy. It’s going to be huge.”