According to two GOP aides, Republicans struck a deal in principle that will meld together the House and Senate tax deals and put the parties on a path to vote as soon as next week. Aides say there are still smaller issues to work out, but Senate Republicans will discuss remaining issues at their conference-wide lunch Wednesday and see how their rank-and-file members react.
Lawmakers have been working for more than a week to find a way to combine two very different tax bills.
These deductions will remain untouched (they were all repealed in the House bill, left alone in the Senate bill). Of note, repeal of these deductions were some of the most controversial elements of the House plan. None will be repealed in the final version.
- Medical expense deduction
- Tax-free graduate school tuition waivers
- Private activity bonds
- Student loan interest deduction
- Teacher spending deduction
The news of a deal came just hours after Senate Minority Leader Chuck Schumer called on Republicans to hold off on a tax bill until newly-elected Alabama Sen. Doug Jones,
a Democrat, was seated in January.