As everyone sits on the edge of their seats to see if the president is going to get his first legislative win, buzz among the halls of the House and Senate is that there is support for the GOP tax plan, and it looks like Americans will see it passed before Christmas.
Breitbart has the rundown:
The Republicans came together Friday to craft a tax cut bill that appears to have the backing of all 52 GOP Senators and nearly all GOP House members, virtually guaranteeing the measure will pass when put to a vote early next week.
To post card or not to post card:
- SALT LIVES. The bill continues to allow people to write off the cost of state and local taxes with a cap of $10,000. Sales, income and property taxes can be deducted up to the cap.
- Mortgage Interest Deduction Lives–Even for a second home. All current mortgages are grandfathered in. Interest deductible for new mortgages up to $750,000, below the current $1 million cap but above the $500,000 cap considered in earlier bills. Surprisingly, the mortgage interest deduction survives even for second homes.
- Expanded Medical Expense Deduction. Republicans originally set out to eliminate the deduction for very high medical expenses. They wound up expanding it. The bill provides for a deduction for medical expenses in 2018 and 2019 s exceeding 7.5 percent of adjusted gross income, rising to 10 percent beginning in 2020.
- 529s for Younger Students. Allows families to use 529 accounts to save for elementary, secondary and higher education.
- Grad Students Can Breathe Easy. Graduate students get to keep exempting the value of reduced or waived tuition from taxes.
There will be seven tax brackets, and the Obamacare individual mandate goes away in 2019. The standard deduction doubles, and the corporate tax rate plummets to 20%.
There’s more at Breitbart and more details are emerging as you read this.