In the early hours of 2 December 2017, the U.S. Senate passed its version of the Tax Cuts and Jobs Act with a vote of 51 for and 49 against. Some of the last-minute changes to the legislation include allowing a USD 10,000 property tax deduction, maintaining the Alternative Minimum Tax threshold (AMT) with a small increase in the threshold, increasing the proposed deduction for pass-through entities from 17.4% to 23%, and increasing the tax rates on deemed repatriations to 7.5% on earnings held in illiquid assets and 14.5% on earnings held in liquid assets (5% and 10% originally proposed)....