BREAKING : Senate Tax Plan Would Delay Corporate-Rate Cut Until 2019

BREAKING : Senate Tax Plan Would Delay Corporate-Rate Cut Until 2019

Senate Republicans unveiled a proposal to overhaul the U.S. tax code that breaks in significant ways with a comparable House tax plan, including the level of top individual tax rates, the number of individual tax brackets, the timing of a corporate tax-rate cut and the particulars of estate tax changes.

The Senate bill would delay a corporate-tax-rate cut until 2019. It would also double the estate-tax exemption to about $11 million per person but would leave the 40% tax itself in place for estates above that level. The House bill, by contrast, cuts the corporate-tax rate to 20% immediately and repeals the estate tax starting in 2024.

The Senate would fully remove the ability of households to deduct state and local taxes. The House narrows the deduction but leaves in place a deduction of up to $10,000 in property taxes.

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