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House Republicans reveal details of tax bill


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https://a.msn.com/r/2/AAulpyD?m=en-us

 

"House Republicans would preserve the popular retirement account for middle-class Americans while limiting a cherished deduction for homeowners in a sweeping tax cut plan unveiled Thursday that would add $1.5 trillion to the nation's debt."

 

 

"The proposal would leave intact the existing rules on 401(k) retirement accounts and the ability of Americans to contribute up to $18,000 into the accounts tax-free. But the plan limits the widely used deduction for mortgage interest for new home loans of $500,000 or less, a sharp reduction from the current $1 million cap.
The plan also limits the deductibility of local property taxes to $10,000 while eliminating the deduction for state income taxes, which generated significant opposition from Republicans in high-tax states such as New York and New Jersey.
"I view the elimination of the deduction as a geographic redistribution of wealth, picking winners and losers," said Rep. Lee Zeldin, R-N.Y., who represents eastern Long Island. "I don't want my home state to be a loser, and that really shouldn't come as any surprise."
The child tax credit would be increased from $1,000 to $1,600, though the $4,050 per child exemption would be repealed."

 

 

Tax-Avoidance-Loopholes-58b8dee25f9b58af

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