U.S. House Republicans Release Tax Reform Plan

by Holly Miller | November 2, 2017 2:34 pm

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.

For more information, click here[1].

  1. here: https://www.gop.gov/understanding-the-tax-cuts-jobs-act/?utm_source=twitter&utm_content=billtext

Source URL: https://takingthehill.com/u-s-house-republicans-release-tax-reform-plan/