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12 Things You Should Know About the Competing House and Senate Tax Plans

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We knew immediately that the tax-overhaul blueprint released by House Republicans November 2 was a long way from the finish line. Despite fitful efforts at crafting tax plans, beginning when the Republicans took over the House of Representatives in the 2010 elections, the detailed proposal released by Ways and Means Chairman Kevin Brady (R-Texas) was seen by many as the first real step.

That became even more clear on November 9 when Senate Republicans released their version of a major overhaul of the nation’s tax system. Now, the full House and the full Senate must agree on their respective plans, with the two competing versions then sent to a conference committee to resolve differences. Republicans hope to have everything resolved and final legislation on the President’s desk for a signature before Christmas. Every taxpayer needs to pay attention over the next few weeks. Here are 12 provisions in the GOP bills that could affect your pocketbook.

SEE ALSO: The Most-Overlooked Tax Deductions

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