Article snippet: Senate Republicans revealed their own version of tax-reform legislation Thursday, breaking with President Trump by offering a one-year delay to the corporate tax cut, and with House Republicans by completely repealing a deduction for state and local taxes. The Senate bill also keeps in place the estate tax as well as a variety of popular tax credits and deductions for adoption, medical expenses, teacher expenses and graduate school. The differences likely sets up a difficult conference negotiation between the chambers later in the year, assuming Senate Majority Leader Mitch McConnell (R-Ky.) can round up enough votes to pass the legislation — an uncertain prospect at this point. The Senate Finance Committee unveiled details of the legislation to Republican senators during a special morning meeting in the Senate’s Strom Thurmond Room. GOP leaders hope to bring the legislation to the floor after Thanksgiving. Separately, the House Ways and Means Committee approved its version of the tax legislation, setting up a likely floor vote in the House next week. The Senate legislation has the same basic framework as the House bill: It cuts the corporate tax rate to 20 percent, establishes a lower tax rate for pass-through businesses and cuts individual rates. But in a big shift with the House bill, it would delay the corporate tax cut for one year, to 2019. That would save the Senate money, which could be used to make changes to other deductions. But it will be a disappoin... Link to the full article to read more