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House Tax Bill Has Major Changes for Businesses, Individuals

by Anna Edgerton and Erik Wasson | Nov 02, 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.”

 

Another provision that’s likely to provoke controversy would tax large university endowment income at 1.4 percent. That measure, described by a Republican aide, would apply to schools with assets of more than $100,000 per student. It would exempt small schools, said the aide, who asked not to be named because the bill isn’t yet public.

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Source: Bloomberg Politics

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