Tax Cut Bill Passes Budget Committee

The Story:

The Senate version of a controversial tax-cut bill passed the Budget Committee of that chamber Tuesday on a party-line vote, 12 to 11.

Some Provisions of the Bill:

Among much else, the Senate bill would:

  • repeal the individual mandate for the purchase of health insurance, part of the Obamacare system.
  • significantly increase the size of the standard deduction while eliminating the personal exemption.
  • prohibit personal filers from deducting their property taxes, or their state and local sales or income taxes.
  • increase the child tax credit and expand the number of families eligible for that credit.
  • preserve the estate tax (“death tax”) but sharply limit the number of estates that will have to pay it.

The Thing to Know:

Even if the full Senate passes this bill (which is still open to doubt) it will have to be reconciled with the very different tax cut bill passed by the House of Representatives two weeks ago.

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