Updated 5:25 p.m. | Senate Republicans proposed Thursday to delay a corporate tax cut for one year and fully repeal the deduction for state and local taxes, taking a different approach than the House on overhauling the tax code.

The plan highlights released by the Senate Finance Committee show shared goals with the House bill advanced by the Ways and Committee on Thursday. Both would provide tax cuts at all income levels, slash the corporate rate from 35 percent to 20 percent, and expand benefits for families with children. For multinational companies, the proposals would shift to a new territorial tax regime.

But the mechanisms for achieving such goals are different.

Unlike the House bill, the Senate proposal would keep seven tax brackets for individuals. The brackets would be adjusted to 10 percent, 12 percent, 22.5 percent, 25 percent, 32.5 percent, 35 percent and 38.5 percent, according to Sen. John Hoeven of North Dakota. The House bill has four brackets of 12 percent, 25 percent, 35 percent and 39.6 percent.

In a key difference, the Senate tax plan also would fully repeal the state and local tax deduction, also known as SALT, according to a GOP aide and senator. But the House bill, in a concession to lawmakers from high-tax states, would allow local property taxes to be deducted up to $10,000.