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 earning>A 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