The Latest: House committee approves GOP tax legislation
A House panel has approved far-reaching Republican legislation to deeply cut taxes for corporations, double the personal standard deduction and simplify the tax code.
The bill would reduce personal taxes for many but also limit deductions for homeowners and end them for people with steep medical bills and student loans. It would increase the child tax credit.
The plan unveiled Thursday differs from a companion House measure in key respects by preserving the home mortgage interest deduction, a tax credit for adoption expenses, and a deduction for people slammed by high medical expenses.
The measure unveiled by the
The bill would create seven tax brackets for individuals with the top rate set at 38.5 percent for top earners. Every tax filer would get a
The amendment to the legislation by Rep.
The bill would steeply cut taxes for corporations and wealthy individuals, and double the standard deduction used by most average Americans. It retains its partial repeal of the federal deduction for state and local income and property taxes.
Brady's proposal comes as the
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The move means homebuyers would still to be able to deduct interest payments on loans of up to
The real estate industry warns that would hurt the housing market, especially in more affluent areas.
The measure also would delay a cut to in the corporate tax rate to 20 percent until 2019.
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The legislation pulling the attention of lawmakers in both chambers would bring the first major reshaping of the
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