Tax overhaul Now that the Senate has passed its tax reform bill, it has to merge it with the House's version before a final bill can be sent to President Trump's desk. The Republicans are definitely motivated to get this done, since they don't have any other major legislative accomplishments this year. But there are significant differences that need to be ironed out, such as when the tax cuts for individuals expire. They're permanent in the House version but expire in 2025 in the Senate version. Also the Senate version has more tax brackets, eliminates Obamacare's individual mandate and leaves untouched the mortgage interest deduction, unlike the House version. |
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