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Article snippet: On Thursday, Senate Republicans unveiled their tax bill. It differs from last week’s version in the House of Representatives on a number of important issues. For instance, the Senate plan would completely eliminate the ability to deduct state and local taxes; there is no exception for up to $10,000 in property taxes each year, as there is in the House bill. It’s too soon to predict what, if anything, will come of all this. In the coming days and weeks, we will see which proposals survive as Congress moves toward possible full votes on these or modified bills. In the meantime, here’s a guide to some of the consumer-facing issues under consideration. What’s in place now: Seven brackets, with a top rate of 39.6 percent, which people pay on income they earn beyond $480,050 for couples filing their taxes jointly. What the House proposed: Four brackets, with a top rate of 39.6 percent. But that top rate doesn’t begin until a couple hits $1 million in annual income. What the Senate proposed: Seven brackets, with a top rate of 38.5 percent that you pay on income beyond $1 million annually if you’re married or $500,000 if you’re single. The Senate bill’s lowest tax bracket is at 10 percent for individuals, while the House bill had raised it to 12 percent. What’s in place now: If you’re single, the current standard deduction is $6,350. Add in exemptions and you’re up to $10,400. Married without children? That’s $12,700 for the deduction and $20,700 with exemptions. If you’... Link to the full article to read more