Senate Budget panel advances GOP tax plan

The Senate Budget Committee voted 12-11 along party lines Tuesday afternoon to advance the tax plan, ahead of a floor vote this week.

Republicans are proposing to reduce most income tax rates for individuals and modify the tax brackets for taxpayers, increase the standard deduction and child tax credit and repeal deductions for personal exemptions, among other things. The bill would also repeal the individual mandate under Obamacare

The Senate is expected to vote this week on the measure, whose differences would then have to be reconciled with the House-passed GOP tax plan.

The nonpartisan Congressional Budget Office (CBO) has projected that the GOP tax plan would increase the federal deficit by more than $1.4 trillion over the next decade and that it would hurt low-to-middle-income people and benefit the wealthy.