art credit: economiapersonal.com.ar
Joseph Smith at the American Thinker blog helps to sort it out, and he includes links to Forbes:
. . . With
the House bill weighing
in at 429 pages and filled with many arcane tax reform provisions, perhaps the
best summary comparison of the House and Senate bills is found at
forbes.com, page
1 and page
2.
Among
the major issues to be reconciled between the two versions are:
·
The
repeal of the Obamacare mandate is in the Senate bill only and should be
included in the reconciled bill.
·
The
new tax provisions for individuals are permanent in the House bill but expire
after 2025 in the Senate bill to meet budget reconciliation rules.
·
The
mortgage interest deduction is different in the two versions, with the
home-building industry expected to push for the higher deduction in the senate
bill
·
The
tax treatment of pass-through business income, a major issue for Senator Ron
Johnson of Wisconsin and others, differs in the two bills.
·
The
corporate tax rate is cut from the current 35 percent to 20 percent beginning
in 2018 in the House bill but is delayed until 2019 in the Senate bill.
Why would the Republicans have their biggest economy-booster kick in after the
2018 elections?
·
While
both versions contain a property tax deduction up to $10,000, the state and
local income tax deduction has been eliminated from both bills. Expect
blue state House members to seek further
compromise on that issue in the conference committee.
The
two tax bills, which no Democrats have supported, must now be reconciled in a
House-Senate conference committee,
with the compromise bill to be voted on again in each body before being sent to
the president for signing into law.
With
deregulation and a resurgent economy paving the way for tax cuts, the Trump
economic train is leaving the station without the Democrats.
Read the rest here.
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