The debate in Washington over whether to raise taxes on the wealthy and corporations is coming down to two main issues: what kind of tax relief they should receive and what kind the federal government should be providing.
On Wednesday, the Senate voted overwhelmingly to approve a plan to provide $1.9 trillion in new tax breaks for families earning more than $250,000.
But the House approved the same package on Wednesday night with a smaller $1 trillion tax break for households earning less than $100,000 a year.
The Senate is now expected to vote on the House plan later this week.
On the tax side, Republicans and Democrats have been negotiating on a bill that could provide relief to some Americans, but which they disagree on how to do it.
Democrats are proposing a combination of income and payroll tax cuts.
Republicans want to increase tax rates on corporations and the wealthy.
They also want to make changes to the individual tax code, including allowing people to deduct the cost of living.
Both sides agree that tax cuts for the rich would provide the most relief, but the tax plan’s proposed cuts for corporations and low- and middle-income earners have been the subject of heated debate in recent weeks.
Read moreWhat to know about the tax bill on Tuesday and what it means for you, the taxpayer.
Here are the key points:On Tuesday, the House passed the House’s tax bill, which would add $1,000 to the top tax rate on individuals earning over $250 and $1 million.
The bill also includes a $3,000 credit for families who file jointly.
This would go into effect in January 2019.
The Senate passed the bill by a vote of 53-46, with most Republicans voting against the plan.
The two chambers are expected to finalize their version of the tax legislation this week, with Democrats expected to oppose the House bill as well.
Senate Republicans passed a tax overhaul on Tuesday that would raise the top individual income tax rate to 39.6% from the current 35%.
This would raise $1 billion a year in revenue, but it also includes $3 billion in tax breaks, including $1 for taxpayers making $100k a year or more.
The changes would also raise the standard deduction to $12,000, which the House has not yet included in its tax bill.
The bill includes a deduction for state and local taxes.
This is a big part of why many Democrats oppose the tax overhaul, as they want to eliminate the deduction.
Republicans have offered a compromise that would leave it in place for federal taxes, but Democrats have said they would oppose it if it included a $1-a-day tax on those making more than that amount.
The tax bill also would give states a $5 billion credit to help lower-income residents pay their taxes.
The idea is that the states would use this money to help offset the higher taxes on higher-income households.
The House passed a separate bill that would provide $6,500 in child tax credits for families with children.
This bill also contains $1 tax breaks and $2 tax credits to help low-income families.
It also includes an $8,000 child care tax credit.
House Republicans have yet to offer a full version of their tax plan.
This will be the second version of a bill to pass in the House, after the Senate passed its own version last month.
This article has been updated to reflect the new details on the bill and the tax cuts, which will go into full effect in 2021.