As federal lawmakers work to pass a tax overhaul package, it is important to note that the House and Senate bills have some glaring differences, as shown below:

• The House tax bill would increase the Child Tax Credit to $1,650, while the Senate bill would raise it to $2,000. The current tax credit is $1,000.
• Currently, educators can deduct up to $250 for those who spend their own money on classroom supplies. The Senate bill would double the deduction to $500, while the House bill would eliminate the deduction.
• In order to expand school choice opportunities, the House bill would alter the use of 529 college savings plans to allow those funds to be used for K-12 expenses, including tuition for private schools. There is no such provision in the Senate bill.

It is also important to note that both the House and Senate bills would allow people to deduct up to $10,000 in local property taxes.

Stay tuned to see where we end up in this highly politicized process.