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Senate panel approves tax plan as GOP leaders gird for fight

Early opposition to the tax bill among the Senate GOP concerns tax treatment of partnerships and other pass-throughs, the repeal of the ACA individual mandate, and the deficit implications of the plan.

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Early opposition to the tax bill among the Senate GOP concerns partnerships and other pass-throughs, the repeal of the ACA mandate, and deficit worries. (Photo: Mike Scarcella/ALM)

(Bloomberg) – Hours after House Republicans jubilantly passed their tax bill, their colleagues on the Senate Finance Committee approved a far different version — one that postpones difficult questions as lawmakers rush to refashion much of the U.S. economy on a tight timeline.

The Senate plan’s most pronounced differences from the House bill include provisions to delay a corporate tax-rate cut by one year and to make various individual tax breaks expire by 2026.

Thanks to an 11th hour change in the Senate Finance panel, the two plans would both create new limits on the carried-interest tax break that benefits investment managers.

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