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Senate Republicans on Thursday unveiled a plan which would chop the corporate tax rate and make broad tweaks to the individual tax system. It contains key differences from a bill working its way through the House.
GOP senators contend the tax system overhaul will ease the burden on middle-income Americans while encouraging companies to boost hiring and wages.
Trimming the tax burden on businesses and individuals has long been a Republican goal. With unified control of the White House and both chambers of Congress, the GOP aims to pass a tax reform plan this year, despite lingering challenges.
Issues facing GOP lawmakers include budget deficits generated by the deep cuts, opposition from blue-state House Republicans and backlash from Democrats who say the proposals will not go far enough to help middle-class workers.
Here are some of the key features of the Senate plan, much of which was outlined by the Senate Finance Committee:
House Majority Leader Kevin McCarthy, R-Calif., on Thursday said the full House would vote on the proposal next week.
Meanwhile, the Senate Finance Committee aims to start marking up, or debating and amending, a bill next week.
If the Senate and House pass separate tax bills, lawmakers will have to reconcile them. Republicans have set an end-of-the-year target to overhaul the U.S. tax system.
If three GOP senators oppose the plan, the chamber cannot pass it, assuming all Democrats and independents vote against it.
House lawmakers are searching for ways to reduce the budget deficits created by the bill to make it comply with budget rules. A tax proposal cannot add more than $1.5 trillion in deficits over 10 years under budget guidelines recently set by the Senate and House.
The Congressional Budget Office has estimated that a version of the House plan would add $1.7 trillion in deficits over a decade.
— CNBC's John Schoen contributed to this report.