Tax rates

The tax reform bills passed by the House, and soon to be passed by the Senate, have many similarities. And you can count on measures that are the same in both bills to end up in the final version to be signed by the President.

Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they’ll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump’s promise that his plan will create jobs and boost wages for the middle class.

The Senate tax bill is headed for a marathon debate this week as Republican leaders plan to bring the measure to the floor Wednesday and hold a final vote as early as Thursday. Here are the latest developments, updated throughout the day.

Three Senate Democrats who’ve tried to leverage their way into talks on the GOP tax-cut bill said Tuesday Republicans haven’t addressed their concerns in the legislation that’s emerged, a signal that the plan has little chance of getting any bipartisan support.

Even Bruce McGuire, founder of the Connecticut Hedge Fund Association, understands if wealthy Northeasterners flee the region due to changes in the tax code.

Senator Ron Johnson — the first GOP senator to voice opposition to the current tax plan — said he’s encouraged that Republican leaders have been discussing his concerns that pass-through businesses would be treated unfairly.

The White House wouldn’t oppose removing from the Senate tax plan a controversial provision to repeal the individual health-care mandate of the Affordable Care Act, budget director Mick Mulvaney said, a move that could help secure the vote of key Republicans.

The Senate tax plan encountered its first outright Republican opposition this week, from a senator whose concerns might foreshadow the biggest business challenge ahead for the proposal.

Experts from PwC parse the differences between the tax reform bills on the treatment of pass-through businesses.

The House passed tax reform legislation Thursday by a vote of 227-205, with 13 Republicans voting against the bill, as the Senate Finance Committee continued debating and marking up a significantly different version of the bill.