SaveSave story
Here's what's in the GOP tax plan
President Trump and House Ways and Means Committee chairman Kevin Brady at a White House meeting. Photo: Evan Vucci / AP

The House GOP tax plan keeps the 39.6% tax-rate for the wealthiest Americans ($1 million income for married couples), caps the mortgage interest deduction for newly purchased homes at $500,000 (down from $1 million), and will allow only $10,000 of property tax to be deducted, according to a summary released this morning.

Why it matters: Lawmakers are finally seeing the full details of the proposal this morning. Already some Republicans had expressed concerns and powerful lobbying groups like homebuilders had expressed opposition.