Article snippet: The Senate Finance Committee released its vision for a tax reform bill Thursday afternoon — a proposal that differs from the House of Representatives’ blueprint in several significant ways and sets up a potentially long process of reconciling the two bills if and when they clear their respective committees. While both bills are still subject to change before they hit the House and Senate floors for full votes, the Senate text indicates the extent to which the upper chamber’s priorities differ from those of the lower. According to a two-page outline provided by Finance Chairman Senate bill would get rid of all state and local tax deductions, which largely affect people in high-tax states like New York, New Jersey and California. The House bill would preserve some measure of a property tax deduction, a nod to the chamber’s Republicans from those states. But in the Senate, those states are all represented by Democrats, who have indicated little desire to work with Republicans on tax reform. “The Senate doesn't trim state and local deduction, it doesn't tweak it; it completely eliminates it. So the Senate Republicans are pulling the rug out from under their colleagues who represent suburban districts in so many states in the House,” Senate Democratic Leader Chuck Schumer, D-N.Y., said of the proposal. Like the House bill, the Senate bill doubles the standard deduction, but it also keeps some popular itemized deductions including for charitable giving, ado... Link to the full article to read more