Senate passes a tax bill

Senate Republicans passed a $1.4 trillion tax bill.

The Senate bill will have to be reconciled with house tax bill. This process is likely to be completed before christmas 2017.

The Senate bill includes the following

* the corporate tax rate would be permanently lowered from 35% to 20%
* there is the claim that some tax returns can be filled out on a postcard
* $10,000 property tax deduction
* Most Americans across all income levels would see modest tax breaks until 2026 and the committee said after that families earningA under $75,000 a year would likely face higher taxes.
* increase the deduction for pass-through businesses to 23 percent and paid for it by raising the tax rate on repatriated foreign earnings
* it repeals ObamaCare’s individual mandate
* it authorizes cost-sharing reduction payments to insurance companies to offset premium impacts of the mandate repeal
* the mortgage interest deduction was untouched at deductions for mortgages up to $1 million

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