Updated at 4:20 p.m. ET
The Senate Finance Committee unveiled its version of a sweeping overhaul of the federal tax code on Thursday, as the House Ways and Means Committee was preparing to pass its own bill. The differing proposals forecast clashes between the two chambers that will make it difficult for Congress to enact the legislation by the end of the year as promised.
The two bills share a name, The Tax Cut and Jobs Act, but diverge on tax policy that affects both the business and individual sides of the tax code.