Dec 12, 2017

Tax bill negotiators agree to reduce mortgage interest deduction

House Ways and Means Committee chairman Kevin Brady. Photo: J. Scott Applewhite / AP

House and Senate negotiators have agreed to scale back the mortgage interest deduction in the latest version of the GOP tax bill, two congressional aides told AP. The move means homeowners will now be able to deduct interest on the first $750,000 of a new mortgage, down from the current limit of $1 million.

The details: The House wanted to reduce the deduction to the first $500,000, while the Senate wanted to maintain the current limit. But with both chambers scrambling to hash out their differences and get a finished bill on President Trump's desk by next week, the aides said negotiators decided to meet in the middle.

More from AP:

  • House Ways and Means Committee chairman Kevin Brady: "We're on track to finish" this week. "It's not like people don't know these issues" that are being debated in conference, he said.
  • One key issue that remains: How to appease GOP lawmakers from high-tax states that would bear the brunt of the elimination of the state and local tax deduction (SALT).
  • Go deeper: Yesterday, the Treasury Department released a one-page analysis of the tax plan.

Go deeper

U.S. coronavirus updates: Death toll surpasses 14,800

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now killed more than 2,000 people for the second day in a row, and it's infected more than 432,000 others, per Johns Hopkins data.

Where it stands: More than 14,800 people have died of COVID-19 in the U.S. — including over 4,500 in New York. The state's death toll surged to its highest one-day total on Wednesday — beating the previous day's record. 779 people died in New York in 24 hours. N.Y. has reported more cases than the most-affected countries in Europe.

Go deeperArrowUpdated 33 mins ago - Health

World coronavirus updates: U.K. PM "stable, improving" in intensive care

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

British Prime Minister Boris Johnson is "stable, improving, sat up and engaged with medical staff" in the intensive care unit of London's St. Thomas' Hospital, where he is being treated for the coronavirus, Culture Minister Oliver Dowden told the BBC Thursday.

Zoom in: The update comes as ministers meet to discuss whether to extend the United Kingdom's lockdown and after the country's health officials reported Wednesday the highest daily rise in COVID-19 deaths — 938, taking the total to over 7,300. London Mayor said Wednesday the U.K. is "nowhere near lifting the lockdown," with the virus not expected to peak there until next week.

Go deeperArrowUpdated 48 mins ago - Health

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 1,484,811 — Total deaths: 88,538 — Total recoveries: 329,876Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 432,132 — Total deaths: 14,817 — Total recoveries: 23,906Map.
  3. Federal government latest: Top Trump administration officials had been developing a plan to give cloth masks to huge numbers of Americans, but the idea lost traction amid heavy internal skepticism.
  4. States latest: New York has reported more cases than the most-affected countries in Europe. Chicago's Cook County jail is largest-known source of coronavirus in U.S.
  5. Business: One-third of U.S. jobs are at risk of disappearing, mostly affecting low-income workers.
  6. World: WHO Director-General Tedros Adhanom Ghebreyesus urged countries to put politics aside "if you don’t want to have many more body bags.”
  7. Environment: COVID-19 is underscoring the connection between air pollution and dire outcomes from respiratory diseases.
  8. Tech: A new report recommends stimulus spending to help close the digital divide revealed by social distancing.
  9. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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