House GOP Unveils Tax Plan: Here are the Key Details

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6. The GOP tax plan repeals the state and local tax (SALT) deductions. It puts a limit on the deductions to $10,000 a year.

7. The Tax Cuts and Jobs Act preserves retirement savings options such as 401 (k) and individual retirement accounts.

8. The House legislation eliminates the alternative minimum tax (AMT). Taxpayers earning over $130,000 will no longer need to calculate their taxes twice every year and pay the higher amount.

9. It doubles the exemption for death tax from the current $5.6 million per person and $11.2 million per married couple. After six years, the death tax will end.

10. The GOP tax plan reduces the corporate tax rate from 35% to 20%. “Pass through” companies (businesses structured as sole proprietorships, partnerships or LLCs) will pay a tax rate of 25% on 30% of the business income.

11. It limits the corporate interest deductions at 30% of earnings before interest, taxes, depreciation, and amortization. It exempts small businesses and real estate firms from the cap.