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Senate Republicans Prepare Tax Counteroffer

House sent over proposal Monday evening

Texas Sen. John Cornyn says negotiations with the House on the tax overhaul are sensitive. (Bill Clark/CQ Roll Call)
Texas Sen. John Cornyn says negotiations with the House on the tax overhaul are sensitive. (Bill Clark/CQ Roll Call)

Senate Republicans are preparing to send the House what they hope will be the final version of the GOP tax bill.

While the two chambers now agree on several areas on which their bills once differed, senators said discussions are still fluid.

Senators on the tax conference met Tuesday afternoon to hash out a counteroffer after the House sent a proposal over Monday evening. Lawmakers and aides do not expect a deal on Tuesday but are hopeful a broad compromise can be reached by Wednesday’s conference meeting.

Aides said the House and Senate have agreed to raise the corporate tax rate to 21 percent (both chambers initially proposed a 20 percent rate), cap the debt for the mortgage interest deduction at $750,000, and place the top individual income tax rate at 37 percent. One aide also confirmed the corporate tax rate cut would take effect in 2018.

“We’re trying to get our response to the House and get it back to them so we can close it out,” Senate Majority Whip John Cornyn said. “It’s a very sensitive negotiation.”

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