The Latest: Trump, GOP pushing 1st tax revamp in 3 decades
President
The proposal would add
Middle-income families would pay less thanks to doubling of the standard deduction and an increase in the child tax credit.
The wealthy would benefit from the repeal of the alternative minimum tax and a phase out of the estate tax.
Some two-income, upper middle class families would pay more after being bumped into a higher tax bracket and losing a valuable deduction on state income taxes.
The
The result would be to increase the tax burden on those subject to a lower rate under the current system.
Families earning more than
High-bracket earners, especially in high-tax states, would lose the benefit of deducting state income taxes.
But middle-class earners would benefit. That's because the bill would nearly double the standard deduction to
And the child credit would be available to households earning up to
A summary of the plan says it would reduce the cap on the popular deduction to interest on mortgages of
The idea is sure to generate opposition from the real estate lobby, but it's being used to help pay for tax cuts elsewhere in the plan.
The plan also limits the deductibility of local property taxes to
The child tax credit would rise from
Still, they missed a self-imposed Wednesday deadline as leading
The legislation is a longstanding goal for Capitol Hill Republicans. They see a once-in-a-generation opportunity at rewriting the tax law.
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