Tax reform bill summary

Written on November 3rd, 2017 by James

From a quick scan it appears to me that congress is trying to get folks to take the standard deduction vs. itemizing on their taxes.  On the schedule A they are trying to eliminate deductions for Medical expenses, state taxes and capping property tax deductions at $10k.  Higher income folks and those that live in states with high property and state income taxes are not going to be happy.  Any new home purchases will also have a cap of $500k for mortgage interest deductions.

This website has a good summary:

https://www.thefiscaltimes.com/2017/11/02/Read-House-GOPs-Tax-Bill-or-Summary-Key-Points

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