Senate Tax Bill Proposes 17.4% Deduction For Pass-Throughs

Law360, New York (November 9, 2017, 9:26 PM EST) -- Senate Republicans on Thursday unveiled their own version of a bill to overhaul the tax code that proposes a flat 20 percent corporate tax rate beginning in 2019 and introduces a 17.4 percent deduction for pass-through business income.

The Senate Finance Committee chairman’s markup of the House Tax Cuts and Jobs Act was made public late Thursday evening, approximately five hours after the House tax-writing committee sent the sweeping bill to the full House for deliberations.

The Senate’s proposed tax treatment of pass-through businesses, which pass their income on to business owners to be taxed at individual rates, differs significantly from...

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