House Republicans on the ways and means committee passed their version of a tax overhaul along a party line vote Thursday, sending the bill to the House floor.
As Senators emerged from a closed-door briefing, they laid out some of the details of their version Thursday.
According to Sen. John Hoeven, a Republican from North Dakota, the Senate tax bill includes more individual tax brackets than the House bill (seven instead of four). Hoeven also said that the Senate bill fully repeals the state and local tax deduction, which has become a must-save item for moderate Republicans in the House. The House bill repealed the deduction for state and local income and sales taxes, but preserved the property tax deduction up to $10,000 to assuage concerns from New York and New Jersey Republicans.
But the differences don’t end there. While the House bill eventually repealed the estate tax in its entirety, the Senate bill won’t repeal the tax, members said, but instead will limit the number of families affected by it.
House Ways and Means Committee Chairman Kevin Brady (R-TX) and ranking member Rep. Richard Neal (D-MA) hold a markup session of the proposed GOP tax reform legislation in the Longworth House Office Building on Capitol Hill November 6, 2017 in Washington, DC. President Donald Trump said that he wants to sign new tax cuts into law before the end of the year.