Earlier today the House finally passed its tax reform bill by a vote of 227-205. Here are some of the details:
The House plan would permanently chop the corporate tax rate to 20 percent from 35 percent and make other tweaks aiming to make businesses more competitive. It would reduce individual tax brackets to four from seven and make changes to several tax breaks. Among them, the bill would limit state and local deductions and the mortgage interest deduction, eliminate the personal exemption and nearly double the standard deduction.
I have to admit I am a little concerned because some Republicans have already admitted some people will see a tax increase and that is not the bill of goods we have been sold. I hate the idea of limiting the mortgage interest deduction and I would also lose my real estate tax deduction. Would this be offset by…
View original post 112 more words