How to get the most out of your tax-reform efforts

The Senate has passed a measure to overhaul the tax code that would lower rates on income from business, individuals and partnerships, but it still faces a long way to passage.

The measure passed the House on Wednesday.

But it faces an uphill climb in the Senate.

Senate Majority Leader Mitch McConnell Addison (Mitch) Mitchell McConnellFord attorneys slam FBI’s Kavanaugh investigation for not interviewing Ford, witnesses McConnell sets key Kavanaugh vote for Thursday Rand Paul’s wife pens letter to Booker following protests GOP Senate candidate to introduce son amid Kavanaugh controversy MORE (R-Ky.) has signaled that he will use reconciliation procedures to bring the bill to the Senate floor.

But Senate Finance Committee Chairman Orrin Hatch Orrin Grant HatchGOP senator suggests Trump may be ready to nominate Kavanaugh after FBI’s announcement GOP senators push back on calling for FBI probe MORE (Utah) told reporters after the vote that the legislation will face procedural hurdles, including a procedural vote on the final text of the bill.

He said Senate Republicans have no plans to bring it to a vote on Wednesday because it will not be able to pass the Senate’s nonpartisan reconciliation process.

The tax bill would cut corporate tax rates by 35 percent for corporations and individuals.

It would also lower the standard deduction, the deduction that most people take to help pay for basic expenses.

The Senate passed the legislation last year with a bipartisan group of lawmakers including Sens.

Tom Cotton Thomas (Tom) Bryant CottonCotton calls on Senate Dems to block Gorsuch nomination for DOJ Top House GOP leader says he will vote for Gorsuch MORE (Ark.), Joe Manchin Joseph (Joe) ManchinNorth Carolina GOP lawmakers vote to block Trump nominees at hearing Cotton’s office says he would not be willing to serve if confirmed by Senate Democrats: report McConnell’s office releases documents showing GOP senators are working to block Kavanaugh nomination MORE (W.

Va.), Ron Johnson Ronald (Ron) Harold JohnsonHow the GOP tax bill could derail ObamaCare Senate Republicans move to block nomination of Kavanaugh’s judicial nominee How GOP tax plan could derail the Affordable Care ActSenate GOP leaders move to stop Kavanaugh nomination by President Trump Senate Republicans vote to overturn nomination of Brett Kavanaugh’s judiciary nominee MORE (N.M.) and Jeff Flake Jeffrey (Jeff) Lane FlakeGOP Senate hopeful blasts Flake over Kavanaugh vote on Capitol Hill Democrats push back against Trump on Kavanaugh vote Senate GOP moves to block nominee of Kavanaugh on Senate floor MORE (Ariz.) on Wednesday said they would not vote for the measure.

The legislation is expected to pass on a party-line vote with a simple majority.

But it faces opposition from conservatives who say it is too generous to corporations and will raise taxes for some small businesses.

The GOP bill would raise taxes on businesses by 20 percent on their current rates, but the Senate is likely to pass a different tax bill that would eliminate some of the deductions, according to the Congressional Budget Office.GOP lawmakers said they had a “fair chance” of passing a bill that lowers taxes for many businesses.

They also have an opportunity to pass another tax bill with bipartisan support that would add to the deficit by $1.4 trillion over 10 years.

The House approved a similar measure earlier this year that also included a 15 percent rate on corporate profits.