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Tax reform is on the table. Thomson Reuters
- The Senate is aiming for a final vote on their gigantic Republican tax reform bill on Friday afternoon.
- They appear to have enough votes to pass.
- We put together a guide comparing how your taxes could change based on what the Senate bill and the House bill contains.
The Senate passed its version of the Tax Cuts and Jobs Act (TCJA) just after 2 a.m. ET on Saturday.
The TCJA passed on a vote of 51 to 49. Sen. Bob Corker was the only Republican to vote against the bill. Its passage brings Republicans a step closer to their first major legislative achievement in the Trump presidency.
President Donald Trump has said he wants tax reform on his desk by Christmas. Negotiators now need to iron out significant differences between the House and the Senate versions of the tax bill, and to pass that updated bill in both chambers.
But there's been a lot of confusion among Americans about what's in the Senate's version of the bill and what's in the House's version of the bill — and how that would differ from the current law.
Video: How Trump's plan could change your taxes
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