From left, Senate Majority Leader Mitch McConnell, R-Ky., Senate Finance Committee Chairman Orrin Hatch, R-Utah, and Treasury Secretary Steven Mnuchin, make statements to reporters as work gets underway on the Senate's version of the GOP tax reform bill, on Capitol Hill in Washington, Thursday, Nov. 9, 2017. (AP Photo/J. Scott Applewhite)

Senate GOP proposes to delay major corporate tax cut a year

November 10, 2017 - 2:54 am

WASHINGTON (AP) — Sweeping tax legislation proposed by Senate Republicans includes a one-year delay in plans for a major corporate tax cut despite strident opposition from the White House and others in the GOP.

Their bill would leave the prized mortgage interest deduction untouched for homeowners in a concession to the powerful real estate lobby. But the measure would ignore a House compromise on the hot-button issue of state and local tax deductions.

In the House, the GOP-led Ways and Means Committee approved its own version of tax legislation on a party-line 24-16 vote Thursday.

Political pressure on the GOP has intensified as lawmakers seek to push ahead with the first major rewrite of the U.S. tax code in three decades. President Donald Trump has set tax overhaul as his top priority.

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