US Senate will release its tax bill on Thursday and it may include 7 tax brackets

Senate changes coming

The Senate is re-writing the House tax bill and we’re starting to get an idea of what it will include. The text will be released some time Wednesday, according to John Cornyn, the No. 2 Republican leader.

Bloomberg reports that the 7 current income tax brackets could remain, scrapping a House and White House effort to drop it to 4. It’s not clear, however, at what thresholds the taxes will kick in.

«We want to maintain the existing progressivity in the code,» Thune, a South Dakota Republican, said Wednesday. «We’re trying to look at making sure the tax burden remains similar to what it is today.»

The big question is whether the Senate will delay the corporate tax cut by one year, something thing Washington Post said they were considering. That news, late on Tuesday, hurt the US dollar and equities, at least initially.

Tomorrow will be a big day on the tax front, with final House revisions coming. Afterwards, the market will be sensitive to endorsements or pledges to vote against it from Congressmen.

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