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Article snippet: Senate Republicans are set to unveil a tax-reform bill that differs significantly from legislation in the House, setting up a battle within the GOP as it tries to hand President Trump his first major legislative victory. Tax-writers in the Senate are expected to eliminate the deduction for state and local taxes in their legislation, a break with House Republicans, who have proposed keeping it in place for property taxes up to $10,000. About two dozen House Republicans from high-tax states had insisted on the $10,000 exemption in the bill, saying it was critical to ease the financial impact on their constituents. Senate Finance Committee Chairman MORE (R-Utah) acknowledged he’s bracing for a fight. “There’s a lot of people who want that deduction,” Hatch said. They will also change the House formula for taxing small businesses with a new “pass-through” rate of 25 percent. GOP senators say businesses with large capital expenses will see lower rates compared to the House bill, which would tax 70 percent of small-business income at the individual tax rate and 30 percent at the new pass-through rate. “It will be a different bill,” said Sen. MORE (R-Neb.), who pressed President Trump at a lunch two weeks ago to make sure middle-class families and small businesses would see substantial tax relief. Sen. MORE (R-Ohio), a key member of the Senate Finance Committee, told Fox News on Tuesday, “I think there will be no deduction for state and local taxes.” Sen. David Perdue... Link to the full article to read more