Senate Republicans Have Their Own Tax Reform Plan. Here’s How It Differs From the House Bill

The Senate proposal to overhaul the American tax system seeks to help many of the groups that felt left behind by the House tax plan that was released last week.

While both proposals double the standard deduction, lower tax rates across the board, cut corporate tax rate to 20%, and eliminate some other deductions, the Senate version of the Tax Cuts and Jobs Act proposes slashing the tax rate for top earners even further to 38.