On Saturday, December 2nd, the United States Senate passed its version of the Tax Cut and Jobs Act and currently the House and Senate conference committee are meeting to reconcile the differences between the two versions of the tax bill.

A CNN article stated that back in November, the House passed their version of the bill and now during the conference, the committee has to produce a “conference report” that is suitable to the majority of confereers from each chamber. Even though the two versions of the bill have many similarities, there are some major differences, which is going to make the process challenging.

President Donald Trump has established four simple goals for his new Tax Reform Plan that includes tax relief for middle class Americans, simplify the tax code, grow the American economy, and to not add to America’s current debt and deficit.

According to President Donald Trump’s tax plan, lower class Americans that are single and earn less than $25,000 or are a couple and earn less than $50,000, will not owe any income tax, which removes 75 million households from paying taxes.

As stated in President Trump’s tax plan, Americans that qualify from income taxes will receive a simpler tax code that has four brackets – 0%, 10%, 20%, and 25%, instead of the current seven brackets.

To help economic growth and encourage jobs, Trump’s tax plan states that for all businesses, big or small, they will pay no more than 15% in income taxes, which will make corporate inversion unnecessary and America’s tax code will be simpler and more competitive in the world.

Lastly, according to the tax plan, Trump wants to get rid of the death tax. This means that if a family received an inheritance, they no longer have to pay taxes on the money received because when the money was earned, an income tax was paid.

The new tax plan is well on its way to becoming finalized, but according to Vox it first has to pass the Senate’s bill, pass the same bill out of the house and Senate, and finally President Donald Trump has to sign it.