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Tax reform for whom?
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Senate Republicans unveiled their version of tax reform legislation last Thursday. They followed the same general approach as the House bill, but with specific differences in the details.For starters, the Senate broke with the House, and President Trump, by delaying corporate rate reductions to 20 percent until tax year 2019. The House would cut rates to 20 percent in tax year 2018.On “Itemized Deductions,” The Senate version also eliminates the state and local tax (SALT) deduction, with some exceptions.