**** SNAP CHAT MESSENGERS ****

[mick]

The Senate drops the four tax brackets and replaces them with seven tax brackets at 7%, 12%, 22.5%, 25%, 32.5%, 35%, and 38.5% for individuals.

The Senate’s tax plan will seek to delay any corporate tax cuts until 2019!

The Senate plan scraps all state and local tax (SALT) deductions. Instead of eliminating estate tax altogether, as the President has called for, it doubles the estate tax deduction.

The one-year delay in the corporate rate cut and ditching the SALT deductions are measures the Senators believe will offset revenue losses that would result from sweeping tax cuts.

In the Senate’s tax bill, it revises the tax code but removes the tax CUTS from the bill and removes deductions.

The Senate’s bill did not touch the tax penalty in the Obamacare mandate for businesses.

Here again, the House or the Senate’s tax bill and whatever is agreed between them has a very low probability of being passed, especially with the repeal of the SALT deductions.