House Tax Bill Has Sweeping Changes for Businesses, Individuals
Bloomberg ---------- 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. It would also impose a tax of as much as 12 percent on multinational companies’ accumulated offshore earnings, a GOP lawmaker said -- a rate that’s higher than either President Donald Trump or House Speaker Paul Ryan have proposed. It would phase out the estate tax over years, more slowly than either of them would prefer. To learn more click on the picture below to read the article.