Senate tax plan may delay corporate rate cut by one year: report
The Senate tax plan is likely to have significant differences from the House version, including delaying the introduction of a lower corporate tax rate by a year, according to a Washington Post report.
The report, which cites four unnamed sources familiar with the plan, said the delay was an effort to reduce the bill’s cost by $100 billion during the first decade. President Trump, however, has insisted that the plan go into effect right away.
{mosads}The bill would also reportedly maintain seven income tax brackets and scrap all state and local deductions, both key differences from the House plan.
Sen. John Hoeven (R-N.D.) told The Hill there “have been discussions” about delaying the corporate tax cut for a year, but that he believes it will go into effect in 2018 and that’s his preference.
The Senate is expected to release its bill as soon as Thursday, as the House Ways and Means Committee wraps up the markup of its version of the bill.
Alex Bolton contributed.
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