Senate Republicans debut tax plan, House panel passes its version

Source: Reuters

“U.S. Senate Republicans unveiled a tax plan on Thursday that differed from legislation in the House of Representatives on several fronts, including how they treat the corporate tax rate, the tax deduction for state and local taxes and the estate tax. Complicating a Republican push for the biggest overhaul of U.S. tax law since the 1980s, senators said that, like the House, they wanted to slash the corporate tax rate to 20 percent from 35 percent, but in 2019, not right away. Stocks, which have rallied this year on business tax-cut expectations, declined as details of the two plans emerged.” (11/09/17)