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GOP tax bill packs major changes for businesses, individuals

Source: https://msn.com/en-us/money/markets/gop-tax-bill-packs-major-changes-for-businesses-individuals/ar-AAullec?ocid=ob-tw-enus-677 - Nov 2, 2017

House Republican leaders began rolling out a tax bill Thursday that contains sweeping changes for business and individual tax rates, including a measure to cut the corporate tax rate to 20 percent.

The bill would cap the mortgage-interest deduction on new home sales at $500,000 -- a departure from the current cap of $1 million for couples filing jointly, according to a memo written by the House Ways and Means Committee. The National Association of Realtors, which has been wary of the tax plan, said the memo “appears to confirm many of our biggest concerns.”

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Category: General Business