Senate bill retains mortgage interest deduction

Graduates attend commencement at the University of California at Berkeley in this 2015 file

Republican leaders' goal is for Congress to send legislation melding both House and Senate versions to Trump by Christmas, in hopes of protecting their congressional majorities in next year's elections. Delaying that reduction would lower the cost of the bill to the Treasury, but the delay is opposed by the White House and some Senate Republicans.

Senate Republicans revealed the details of their sweeping tax legislation Thursday, including a one-year delay in plans for a major corporate tax cut despite strident opposition from the White House and others in their own party.

Another possible good news for the fight against the House GOP's move to repeal the federal tax credit for electric vehicles.

And unlike the House version, the Senate bill would fully repeal the deduction for state and local taxes, which has become a sticking point with GOP congressmen from high-tax states like NY and New Jersey, whose constituents depend on that deduction.

The plan's elimination of a federal tax deduction for state and local taxes has sparked the most resistance from the party. In the end, the House may be forced to swallow whatever the Senate passes and it's unclear if dissenting lawmakers from high-tax states have enough numbers to prevent it.

"The South Dakota Republican said the measure also preserves existing clean energy tax incentives such as for electricity production from wind. It preserves a tax credit for electric cars as well". And it would preserve the medical expenses deduction, which the House looked to scrap.

The real estate industry warns that would hurt the housing market, especially in more affluent areas.

The plan establishes a new family credit, and would expand the child tax credit from $1,000 to $1,600. And like the House plan, the standard deduction would be doubled to $12,000 for individuals, $24,000 for married couples and $18,000 for single parents. The House bill eliminates the estate tax entirely.

In the House, Ways and Means Committee Chair Rep. Kevin Brady was making last-minute changes before the panel votes later Thursday to deliver it to the full House. Both would drastically reduce the corporate tax rate and also lower rates for individuals, while eliminating deductions claimed by many people.

Senate Republicans are using special budget reconciliation rules that prevent a Democratic filibuster. At least five different tax policy models-including those maintained by the official scorekeepers at the Joint Committee on Taxation as well as at ITEP, TPC, Tax Foundation, and AEI-have been used to analyze the plan already, and all five are in agreement that some taxpayers will pay more if the bill is enacted.

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