In the wee hours of the morning, the Senate passed their tax reform bill. Thus meaning that it could go to conference and as such be eventually drafted into a final form and may possibly even become federal law. The plan was passed with some crucial amendments to garner key votes. For example, the SALT deduction wasn't eliminated but instead only reduced to $10,000 applicable to property taxes. The business expense deductions on pass-through companies were raised to 24%. The child tax credit is also increased from $1,000 to $2,000 in the Senate bill. This helps to simplify the number of tax brackets and decreases the number of deductions available to the taxpayers and raises the overall standard deduction. Most economists believe that the tax reform bill will increase the deficit due to it not being able to make up the lost revenue. However most also agree that it will increase economic growth.
https://www.cbsnews.com/news/tax-bill-senate-passes-sweeping-tax-overhaul/
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