WASHINGTON (AP) — The Latest on tax bills in Congress (all times local): p.m. House Republicans have voted to move ahead on negotiating with…
WASHINGTON (AP) — The Latest on tax bills in Congress (all times local):
p.m.
House Republicans have voted to move ahead on negotiating with the Senate on their far-reaching overhaul of the nation’s tax code.
The House voted Monday night to begin a House-Senate conference to work out the differences between the two bills. The House passed its version of the $1.5 trillion measure last month. The Senate narrowly passed its own bill Saturday.
Both bills would slash the corporate tax rate from 35 percent to 20 percent, eliminate some popular deductions and double the standard deduction used by most taxpayers.
Republican leaders are upbeat about resolving their differences and finishing a bill in time to send the measure to President Donald Trump by Christmas
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4:55 p.m.
Significant differences separate the massive tax packages passed by the House and Senate on estate taxes, health care and a prized deduction for home mortgage interest.
But Republican leaders are confident none is insurmountable.
Republicans are trying to pass the biggest rewrite of the tax system in more than 30 years.
Senate GOP leader Mitch McConnell says “we’re looking forward to getting a final bill to the president’s desk, soon.”
Both versions would cut taxes by about $1.5 trillion over the next decade while adding billions to the deficit. But they take different approaches.
And it will be up to lawmakers to try to reconcile differences in the competing versions.
