JCT Description of Initial Senate Versions of Tax Cuts and Jobs Act Released

The U.S. Senate Finance Committee is set to unveil the Chairman's Mark of the Tax Cuts and Jobs Act November 10.  The mark has some significant differences from the bill currently moving through the Senate Finance Committee.

Some highlights of key differences include:

  • Seven tax brackets (10%, 12%, 22.5%, 25%, 32.5%, 35%, 38.5%)
  • Expand child credit to $1,650
  • Double the estate tax exemption (no repeal)
  • Home mortgage deduction remains at $1,000,000
  • Back to original framework standard deduction numbers
  • No change to carried interest
  • Medical expenses remain deductible
  • No state and local tax deductions (including real estate taxes)
  • Lower corporate rate to 20% but with one year delay
  • Changes passthrough income relief to a 17.4% deduction for such income

The Joint Committee on Taxation has released their summary of the Senate Finance Committee's Chairman's Mark.