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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.

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