Also, the Senate bill, unlike the House version, would provide only temporary tax relief to individuals, ending tax cuts for them in 2026. But the Senate version would slowly step down the expensing provision after the five-year period -- a feature that the House bill doesn’t provide for. The House bill would consolidate the current seven individual tax brackets to four, leaving the top tax rate at 39.6%. The Senate bill includes a repeal of Obamacare’s mandate that most Americans have health insurance or pay a penalty. The Senate bill would temporarily double the exemption thresholds.

Source: Mint December 02, 2017 08:26 UTC