House Republicans unveiled plans Thursday for a sweeping overhaul of the tax system calling for fundamental changes in business and individual taxes, including big cuts in rates and new breaks for families.
It also includes a new limit on the mortgage interest deduction. People could only deduct interest on the first $500,000 of their loans for newly purchased homes, down from the current $1 million limit.
While big companies would get a significantly lower 20 percent corporate rate, down from 35 percent, they would face new limits on their ability to deduct interest on their loans, a new global minimum tax on their overseas earnings, and new taxes on U.S. companies heading abroad.
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