Washington (CNN) Senate Republicans released their own version of a tax plan Thursday, and it varies just enough from the House's bill to set the two chambers up for a dramatic showdown over tax policy in upcoming weeks. The Senate tax bill includes more individual tax brackets than the House bill (seven instead of four) as well as fully repeals the state and local tax deduction, which has become a must-save item for moderate Republicans in the House. The House bill repealed the deduction for state and local income and sales taxes, but preserved the property tax deduction up to $10,000 to assuage concerns from New York and New Jersey Republicans.The Senate tax bill includes more individual tax brackets than the House billAs opposed to repealing the estate tax, the Senate bill will limit the number affected by it
That is part of the reason that _ Republicans are considering phasing in a new corporate rate of 20% rather than starting it right off the bat, which is expensive.