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.

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Brazil coronavirus death toll tops 100,000 and case numbers surpass 3 million

Brazilian President Jair Bolsonaro posted a photo of himself to Facebook congratulating his soccer team, Palmeiras, for winning the state title Saturday, moments after the health ministry confirmed the national COVID-19 death toll had surpassed 100,000.

Why it matters: Brazil is only the second country to confirm more than 100,000 deaths from the coronavirus. On Sunday morning, it became the second country to surpass 3 million cases, per Johns Hopkins. Only the U.S. has reported more. Bolsonaro has yet to address the milestones. He has previously tested positive for COVID-19 three times, but he's downplayed the impact of the virus, which has crippled Brazil's economy.

Editor's note: This article has been updated with the latest coronavirus case numbers and more context.