November 9, 2017
Senate Republicans unveil details on their plan to overhaul the tax code with some key differences from the House plan.
Senators still want to cut the corporate tax rate from 35 percent to 20 percent, but with a one year delay to 2019 — unlike the House bill.
The Senate also wants to keep the current seven income tax brackets, lowering the bottom rate to 12 percent.
The legislation does not include a repeal of Obamacare’s individual mandate, which is something Republican leaders have been discussing.
The upper chamber plans to begin marking-up, debating, and amending the bill next week.
This comes as the House Ways and Means Committee voted to approve their bill Thursday.
It will be sent to the floor for a full vote early next week.