Also, the Senate bill, unlike the House version, would provide only temporary tax relief to individuals, ending tax cuts for them in 2026. The House bill would tax those profits at 14 percent for earnings held as cash and 7 percent for less-liquid assets. The House version would create a 25 percent tax rate for such business income -- with restrictions on which businesses could qualify. The Senate bill would temporarily double the exemption thresholds. The House bill would double the exemption thresholds, and then repeal the tax entirely in 2025.

Source: Economic Times December 02, 2017 07:07 UTC