tax plan u.s. senate republicans release thursday diverge several ways legislation push republicans house representatives complicate republican efforts fulfill goal overhaul tax code end year major provision differ significantly corporate rate house plan would immediately cut corporate income tax rate 20 percent 35 percent senate would set rate delay one year carry interest senate leave unchanged loophole allow private-equity fund managers wealthy wall street financier pay capital gain tax rate instead high income tax rate carry interest income house version narrow loophole require investments hold three years instead one year currently order qualify capital gain treatment net operate losses senate version eliminate carry-back carry-forward tax strategies businesses reduce past future tax liabilities use net operate losses house version tighten rule around use pass-throughs house cap maximum tax rate small businesses non-corporate enterprises 25 percent current top rate pass-through income 39.6 percent senate version special pass-through rate allow business owners deduct 17.4 percent business income individual tax translate 30 percent tax rate high-income filers repatriation overseas earn senate impose tax 12 percent liquid assets percent illiquid house set rat 14 percent percent respectively tax bracket senate version maintain seven tax bracket top bracket rate 38.5 percent house four bracket top one unchanged current level 39.6 percent lift qualify income top rate million mortgage interest deduction house cap deduction interest payments mortgage 500,000 primary residence senate version keep exist limit million eliminate deduction interest home-equity loan deduct state local tax senate bill repeal state local tax deduction entirely house version repeal deduction state local income sales tax cap deduction state local property tax pay 10,000 standard deduction two versions line standard deduction 12,200 individuals 24,000 marry couple nearly double current level child tax credit senate would expand child tax credit 1,650 1,000 house version set 1,600 inheritances house want double exemption inherit assets repeal tax period six years senate want double exemption factbox u.s. senate house tax proposals differ