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Senate, House Republicans Unveil Dueling Tax Reform Bills

From left, Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, Senate Majority Leader Mitch McConnell, R-Ky., Senate Finance Committee Chairman Orrin Hatch, R-Utah, Treasury Secretary Steven Mnuchin, President Donald Trump's top economic adviser Gary Cohn, and Sen. Rob Portman, R-Ohio, talk to reporters as work gets under way on the Senate's version of the GOP tax reform bill, on Capitol Hill in Washington, Nov. 9, 2017.

A House committee voted along party lines Thursday to send a Republican tax reform bill to the entire House of Representatives for a final vote.

Meanwhile, the Republican-led Senate Finance Committee unveiled its version of tax reform Thursday, one that has some major differences from the House bill.

Because no Republican proposal is likely to get any Democratic support, it is up to the Republicans to put together a single bill that they can pass and the president will sign.

While both bills generally simplify the tax code, they differ on such key elements as deductions for state and local property taxes and home mortgages. A timetable for introducing reductions in the corporate tax rate is also a major difference.

President Donald Trump and the Republicans tout their tax reform as a break for the middle class and business, as they hope to lure more investment into the U.S. economy.

Democrats say the Republican plans are a boon to the wealthy and will actually raise taxes for many middle-class families.

The nonpartisan Congressional Budget Office estimates the Republican House measure would add $1.7 trillion to the country's debt during the next decade.

The White House on Thursday called both the House and Senate proposals "important steps toward providing historic tax relief for the American people."

It also said the president is hopeful he can sign a final tax bill by the end of the year.