Business tax

The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.

The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.

The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.

The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.

The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.

Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.