Here's the Status of the GOP Tax Bill Moving Through Congress

The Republican-led Senate Finance Committee unveiled its portion of the mammoth tax-and-spending legislation that's quickly moving through Congress, and there's a lot to unpack.

The Senate bill has dozens of differences from the House version. It makes several business breaks permanent, softens the excise tax on university endowments, and phases out more slowly cuts to clean energy credits, while smoothing edges on the so-called "revenge tax."

But there are many similarities in the approaches the two bills take—both have tax breaks on income such as tips and overtime sought by President Donald Trump, and seek to extend much of the 2017 GOP tax law.

Things are moving quickly as the Senate aims to pass its version out of its chamber before the July 4 break.

In this week's episode of Talking Tax, Bloomberg Tax reporter Chris Cioffi speaks with host David Schultz on what's in the bill, what's left out, and where Congress goes from here.

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