Updated on Nov. 15 at 6:00 p.m. ET
Late on Tuesday, Senate Republicans released an updated version of their tax overhaul, and while the new Senate plan maintains many of the same ideas of the House bill released last week and the prior Senate version — a steep corporate tax cut and bigger standard deductions, for example — it also departs sharply in a few ways. Chief among these is that the new Senate proposal would sunset most of the individual tax breaks in 2025 while keeping corporate cuts permanent.
Here's a look at some of the changes that individual filers could expect if either the House or Senate versions were to pass as-is. Importantly, the Senate plan isn't even a bill yet and leaves some big questions as to specifics — such as its proposed tax brackets. There are currently seven individual income tax brackets, with the top rate at 39.6 percent. Senate Republicans have announced that their plan would maintain the seven current brackets, topping out at 38.5 percent. However, they have not yet announced which income groups will pay which rate.
The bar chart below shows what current brackets look like, compared with the House GOP's proposed brackets. We will update it as we get more information. The table also lays out different changes for different types of taxpayers. We will update that table as well, as new information is released.