BOLDUAN: Fasten your seat belts, it could be a bumpy ride on Capitol Hill over the next few weeks with a showdown brewing over none other than tax policy. Senate Republicans unveiled their plan for overhauling the nation's tax code just yesterday and already it's clear there are major differences to work out with the house if they're going to get anything to the president's desk. CNN's Sunlen Serfaty is on Capitol Hill with much more. Sunlen, where do things stand right now?</s>SUNLEN SERFATY, CNN CORRESPONDENT: Well, Kate, the Senate just released their version of the bill and it does as you note reveal some pretty significant differences with the House bill that they're working on right now. Differences that should not be downplayed because it certainly reveals the amount of work that the House and Senate have to do to get to their self-imposed deadline of by the end of the year getting this done. So, let's look at the differences between House and Senate bill. Some of the biggest sticking points here, the Senate bill, they keep the tax brackets as they are now at seven. The House has four tax brackets in theirs. The Senate bill has a partial repeal of the estate tax and full repeal of the state and local tax deductions. The House bill preserve some of those deductions like the property tax. Big differences in the lowering of the corporate tax rate from 35 percent to 20 percent. The Senate's bill calls for a phase in of that rate where the House bill has an immediate and permanent reduction of that rate. So certainly, these differences, most likely will lead to major sticking points ahead. Already, we're seeing the Republican leadership up here try to downplay, though, these differences saying that we always knew this would-be part of the process. The House has their version and the Senate has their version and we reconcile the differences.
Showdown Ahead Over House, Senate Tax Bills.