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Article snippet: WASHINGTON — Republican leaders moved closer on Wednesday to resolving some key differences between the House and Senate tax bills, though several big issues, including the size of the corporate tax cut, remained in flux. As the Senate voted to begin the process of reconciling its tax bill with the House version, the Senate majority leader, Mitch McConnell, threw his support behind allowing a more generous state and local tax deduction in the final legislation. “That sounds like a kind of reasonable idea,” Mr. McConnell said, referring to a proposal brewing among House Republicans that would give people the option of deducting up to $10,000 in income taxes or property taxes. Right now, both bills would only allow taxpayers to deduct property taxes and cap that at $10,000. Once the conference committee process begins, lawmakers will begin formally hashing out the remaining differences, including what to do about the corporate alternative minimum tax, which crept back into the Senate bill as a late addition. The chambers are also debating how to treat the deduction that many people take for high medical expenses, a provision that is repealed by the House but expanded by the Senate. Complicating the discussions is the need to ensure that the overall bill stays in the $1.5 trillion bucket lawmakers have budgeted for the cuts. All the changes under discussion would cost money, requiring lawmakers to find ways to offset the effect on the deficit. Lawmakers continued to... Link to the full article to read more