House GOP Unveils Tax Plan: Here are the Key Details

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During an interview with CNN’s Wolf Blitzer, Cong. Brady made it clear that those individuals and families currently paying 10% on their taxes will pay zero.

2. The standard deduction for singles increased from $6,350 to $12,000. For married couples filing jointly, their standard deduction increased from $12,700 to $24,000.

3. The House bill expands the child tax credit from $1,000 to $1,600 for any child under 17 years old. It adds a $300 credit for each parent and non-child dependent such as older family members. However, that credit will expire after five years.

4. The GOP tax plan removes the option for personal exemption. Currently, taxpayer can claim an exemption of $4,050 for himself/herself, spouse, and each of his/her dependent. The Tax Cuts and Jobs Act will take away that option.

5. It limits the home mortgage interest deduction for existing mortgages and newly purchased homes to $500,000. Currently, taxpayers are allowed to claim interests paid on home mortgages worth $1 million.