Here Are the Big Tax Changes House Republicans Are Proposing
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House Republicans announced a tax proposal Thursday that would cut the U.S. corporate tax rate to 20 percent, reduce most of the individual tax brackets, and cap the mortgage-interest deduction on new purchases of homes.
The would phase out the estate tax over five years and impose a tax of as much as 12 percent on multinational companies’ accumulated offshore earnings. House Ways and Means Chairman Kevin Brady may revise the bill over the weekend before his committee starts considering it on Monday. The Senate aims to propose its own bill as early as next week.