Senate Republicans rolled out their giant tax reform bill on Thursday.

The bill is expected to contain large differences from the House's Tax Cuts and Jobs Act.



Senate Republicans leaders debuted their own attempt at a massive tax reform on Thursday, setting up substantial changes to American's tax code and a showdown with the House over what exactly would make its way to President Donald Trump's desk.

The bill makes large changes to both the personal and corporate side of the tax code with a goal of generating increased investment and economic growth.

The legislation also contains some substantial departures from the House's tax bill, the Tax Cuts and Jobs Act (TCJA), that have to be ironed out for either bill to become law. The Senate bill keeps the same name.

The tax legislation can only add $1.5 trillion over the next 10 years to the federal deficit to be considered under the budget reconciliation process. That process allows Senate Republicans to pass the bill on a party-line vote and avoid a Democratic filibuster.

Here's a breakdown of what the Senate bill proposes and where it differs from the House: