The House and Senate Still Have Very Different Tax Bills. Here’s How They Compare.
The tax cut bill that the House passed on Thursday differs significantly from the Senate version in several areas, including the timing
and permanence of the tax cuts and its treatment of the Affordable Care Act.
The Senate plan delays implementation of the corporate tax cut until 2019 and most of the tax cuts for individuals would expire in 2025.
The Senate, which is expected to pass its bill through the Senate Finance Committee
on Friday, will eventually have to rectify its differences with the House bill.
The Senate bill sticks with seven brackets of 10 percent, 12 percent, 22 percent, 24 percent, 32 percent and 35 percent
but lowers the top rate to 38.5 percent for high income individuals and couples.
Republicans originally wanted to collapse the tax brackets to three, from seven, in part to
achieve their goal of simplifying the tax code so that people could file on a postcard.
The House bill cuts the corporate tax rate to 20 percent from 35 percent immediately and makes the cut permanent.
The provision prompted the defection of 13 House Republicans from New York New Jersey, California
and North Carolina, who voted against the tax bill over concerns it would raise taxes for their constituents.
One of the biggest differences between the House and Senate plans is
that Senate Republicans decided to repeal the health law’s requirement that most people purchase health insurance.
