NC House and Senate leaders propose competing tax cut plans. Here’s how they’d affect your taxes

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On November 2, 2017, the House Ways and Means Committee released their comprehensive tax reform proposal, Tax Cuts and Jobs Act (H.R. 1). On November 9, the Senate Finance Committee unveiled their own tax proposal. It is widely expeceted that both bills will be considerably amended as they go through the legislative process.

The Senate GOP tax plan would double it to $500. NC Legislative Update – March 2017 #4.. NC House and senate leaders propose competing tax cut plans – Here’s how they’d affect your taxes – N&O.

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Corporate tax. The House is seeking to cut the top corporate tax rate to 20 per cent from 35 per cent in 2018. The Senate wants to do the same, but delay the cut until 2019. Lawmakers are seeking to sharply cut the top corporate tax rate to boost America’s international competitiveness and lift investment.

Updated Nov. 9, 2017 5:46 p.m. WASHINGTON-The Senate has devised a tax plan that would cut the corporate-tax rate to 20% starting in 2019, according to two senate republican aides and multiple gop senators, one year later than proposed by the House and later than the Trump administration had hoped.