Senate votes to go to conference committee with the House to strike a tax deal

The House as well as Senate will need to compromise on multiple differences in order to craft a final bill which can pass both chambers. For one, they will need to decide how to treat the controversial corporate alternative minimum tax, which the House bill could eliminate yet the Senate plan could keep.

They will also need to reach agreement on the amount of state as well as local tax deductions as well as mortgage interest deductions taxpayers can take. Members of Congress by high-tax blue states have pushed for broader state as well as local deductions.

The individual tax bracket structure as well as treatment of the estate tax, or so-called death tax, could also emerge as sticking points.

Republican leaders are also considering cutting the corporate tax rate to 22 percent, rather than the 20 percent corporate rate inside the House as well as Senate bills, according to two senior Republican lawmakers who spoke to CNBC.

President Donald Trump has signaled which he could be open to the change, which could help the GOP to raise revenue to pay for various other tax cuts inside the bill.

Ylan Mui contributed reporting

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