The US House of Representatives & the Senate have now both released their versions of the Tax Cuts & Jobs Act. On November 16, 2017 the House passed their bill, and later that same day the Senate Finance Committee approved their proposed tax reform legislation. On December 2, 2017 the full Senate voted on its bill and after making more changes they approved the bill with a vote of 51-49. Now both houses of Congress will meet to try to reach an agreement on a unified tax bill. After the House & Senate approve a bill it can be signed into law by the President. If passed, this will be the most significant overhaul of the US Internal Revenue Code in over 30 years.
In the table below, I have outlined some of the similarities and differences in the House and Senate versions of the Tax Cuts & Jobs Act. Note that in the Senate version of the bill, the proposed changes affecting individuals would be temporary, and would expire after December 31, 2025. As a result, beginning with year 2026, the Code provisions would revert back to current form. In comparison, the House reform is mostly permanent.