The Senate plan is different from the House plan...if the two different plans pass it goes to conference and who knows what will happen.
WASHINGTON - Senate Republicans on Thursday proposed a tax overhaul that does away with deductions for all state income and property taxes, going further than the version proposed by the House and delivering a blow to residents high-tax states, according to senators briefed on the plan.
The Senate plan also would delay a proposed new lower 20 percent corporate rate until 2019 in order to avoid adding more than $1.5 trillion to the deficit, which would violate terms of the recently passed budget, Republicans said. The House tax plan, at President Donald Trump's urging, offered an immediate corporate cut from the current 35 percent rate.
In another difference, the Senate plan proposes a slightly lower top individual tax rate than the House version, which would keep the current 39.6 percent. The Senate plan would lower the top individual rate to 38.5 percent, sources said. It would apply to individuals earning $500,000 or more and couples earning $1 million or more, according to Sen. John Hoeven of North Dakota.
The Senate plan will not include a repeal of the requirement under the Affordable Care Act that individuals have health care insurance, according to Sen. Bill Cassidy, R-La. That idea had been pushed by some as another way to save money.
Cassidy said the Senate version also will preserve deductions for medical expenses, which were eliminated in the House version. Tribune News Service