Analysts say Senate Finance Committee Chairman Orrin Hatch’s tax bill will largely resemble the measure a House committee is voting on this week. But they say it’s likely to have some important differences.
The experts say the Senate measure could phase out some of the House bill’s tax breaks and reduce others. That’s because under rules the Senate is using to prevent a Democratic filibuster, the measure can’t drive up federal deficits a decade from now.
But they say Hatch’s plan could restore the House bill’s elimination of the adoption tax credit, and revive at least some deductions people are allowed for medical expenses. Those proposals have drawn howls of protests.
It might also ease the House bill’s elimination of the inheritance tax on large estates.
Source: Associated Press