#1. Corporate, Business and Individual Tax Rates Would be Significantly Reduced

The proposed House and Senate bills would both significantly slash corporate, business and individual tax rates. The House and Senate bills would slash the corporate rate down to 20 percent (although the Senate version would delay the rate reduction until after 2018) and reduce the rate on small and family-owned businesses to no more than 25 percent.

On the individual side, the House bill would collapse the current seven tax brackets into brackets of zero, 12 percent, 25 percent and 35 percent. The Senate version would however maintain the seven tax brackets, with a modified top bracket of 38.5 percent.