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Senate Republicans to Unveil Tax Plan

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Senate Republicans have been working on their own version of tax reform and they are releasing that plan today.  

The senate version is expected to eliminate state and local deductions, just like the House plan. It will also limit the amount of people who pay the estate tax, while the House version eliminates the estate tax altogether.

There are potentially seven tax brackets under the Senate's version, as opposed to four in the House, and it will drop the corporate tax rate to 20%, but not until 2019.

However, some of the provisions, like the elimination of state and local tax deductions, could make it hard to get the 50 votes needed to pass the bill.

House Republicans are revising their version because of an unfavorable review from the Congressional Budget Office.

The CBO review says the House bill will add $1.7 trillion to the deficit over the next decade.  Adding more than $1.5 trillion means Republicans would need 60 votes to pass the bill in the Senate.

Two more House Republicans announced Wednesday they will vote no against the plan as it's currently written.  Up to 22 Republicans can vote no and the bill will still pass.

Nearly every one of the "no" votes from House Republicans so far come from states with high state and local taxes.  Their constituents will be hit harder by the elimination of those deductions from the Republican tax plan.

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