Congress is aiming to vote on the biggest tax overhaul in 30 years next week, after the House and Senate announced that they’ve hammered out a final tax bill yesterday.
Text of the final version of the bill is still being drafted and Congressional Republicans are hoping to release the full text to the bill by Friday.
These are some of the details of the still-being written tax bill, according to congressional aides who’ve spoken to NPR:
The current version of the bill is leaning to set the limit to the mortgage interest deduction to home loans -- a deduction popular with Californians -- to $750,000
Top individual rate reduced from current 39.6% to 37% for top earners.
Corporate tax rate ta to be set at 21%, not 20%
State and local tax deductions capped at $10,000.
Corporate alternative minimum tax (AMT) to be repealed
Grad school tuition stipends will not be taxed as income
Larry speaks with different California stakeholders to get their reactions to these new changes.
Dan Walters, long-time CA politics observer with CALmatters, a nonprofit public interest publication
Steve White, president of the California Association of Realtors
Stuart Waldman, president of the Valley Industry & Commerce Association (VICA), a non-profit representing businesses in the San Fernando Valley