5 Key Differences Between Republicans' 2 Tax Bills
The House of Representatives and the Senate have each presented their own version of the Tax Cuts and Jobs Act, the GOP's tax reform bill. Unfortunately, the House and Senate versions of the bill are radically different in several areas, meaning that Congress will have to reconcile these two bills before submitting one to the White House for the president's signatur. Here are some of the more dramatic differences that legislators will have to find a way to resolve.
Perhaps the biggest single difference between the two versions of the Tax Act is their treatment of income tax brackets for individual taxpayers. The Senate bill, like the current tax code, has seven different income tax brackets (although the brackets are different from existing tax brackets both in the rates and in the income limits for each bracket). The House bill, on the other hand, has a mere four income tax brackets: 12 percent, 25 percent, 35 percent, and 39.6 percent.
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Source: Fool.com
