Senate Republicans have finally released their tax cut bill and it's similar to the House Republican version with a few key differences.
The Senate version fully repeals state and local tax deductions including property tax deductions which the House bill preserves, but the biggest difference is the Senate Republican timeline.
The Senate bill would delay the meat of the bill by one year.
Senate Republicans released their vision for a tax-cut plan Thursday that would cut the corporate tax rate to 20 percent, with a one-year delay to 2019, as Congress moves quickly to fulfill one of the GOP’s biggest and most long-awaited goals. [...
The Senate plan would have seven individual tax brackets and would eliminate state and local tax deductions. The Senate Finance Committee plans to begin considering the plan on Monday, while the House plans to vote on its bill next week.
Call me a conspiracy theorist if you'd like but I can't see any reason why they would delay the implementation of corporate tax cuts unless they were trying to push the most adverse effects of the bill beyond the 2018 midterm elections.
It's the gargantuan corporate tax cuts that will explode the deficit and break the Treasury. If the modest and inadequate pay-fors included in the bill are implemented before the tax cuts, government receipts may even look good next year before everything falls off a cliff.
On the other hand, delaying the worst results until the presidential election cycle also may not be the best idea for Republicans. Maybe they really have no idea what they're doing.