The U.S. Senate reveals key changes to its tax reform plan. On Nov. 14, the Senate Finance Committee released a re-write of the Senate tax reform bill that was unveiled on Nov. 9. The modifications are significant and include effectively repealing the individual mandate penalty under the Affordable Care Act. It also includes a boost in the child tax credit to $2,000 in 2018 (up from $1,000 under current law) and the credit would begin to phase out at $500,000 in income for married joint filers. The full Senate plans to vote on the bill later this month.