Page 11 - 38 5 News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The bottom tax bracket to 12%. high earners would pay a top tax rate of only 38.5% in the senate plan. that is down from 39.6%. the rate that was maintained in the house bill. the house plans to vote on their tax cut bill next week after it passed the house ways and means committee in a party line vote. here's what senator bernie sanders said on chris hayes' show tonight about the republican tax cut bill. >> you have members of congress who are saying if we don't pass this, our billionaire friends are not going to contribute to our campaigns. that is what this whole tax bill is about. massive ...

>> shepard: republican lawmakers are moving forward with their tax plan now, but the house and senate versions of the bill are split on some major issues, which could make it tough for the g.o.p. to agree on a bill and pass it by the end of the year. some house republicans already slamming parts of the senate bill. house lawmakers expected to debate and possibly vote on their bill next week. while the senate bill is headed to committee for work. the fox business network gerri willis is here with each hills would mean for each american. >> dozens and dozens of differences between the bill. let'...

These. this doesn't actually make anything simpler for regular people. a bit of a smoke and mirrors thing, but the house plan, this one, stuck pretty close to the goal of reducing the number of tax brackets. reduced from seven to four. current code, seven. these are the four. notice the top bracket is the same with the house as the current law. the senate on the other hand sticks to the current search but drops the top rate down from 39.6% to 38.5%. then there are deductions. i want to start with the state and local tax deduction. state and local tax. that's s.a.l.t. you hear them talking abou...

Remains topped 38.5, the estate tax or duck the, the house bill doubles immediately and eliminates the tax completely after six years in the senate bill maintains, but doubles the current exemption. the senate bill permanently lowers the corporate tax at 20 with a one-year delay. in the state and local tax, the house built eliminates it, but the senate bill foley repeals the state and local tax deductions. i wanted to put all that up there on one page. michael, as a look at the differences of the g.o.p. trying to get this across the finish line. >> it's not going to be easy. i think there is c...

Adoption tax credit and lowter rate for small businesses from 15% to 9%. chairman brady talked about the changes. >> we've had numerous discussions on the same priorities. these are areas where members on both sides of the aisle said we need to take a second look. we did. i'm offering this amendment to put them in the bill. >> it had enough support along party lines. next step, it should go to the house floor. a lot of wrestling to go through before that. should go to the house floor by the end of next week. >> shepard: what do you know about the senate's plan? >> the senate plan is being roll...