Republicans have finally released actual details of their long-awaited tax cut/reform plan! The good news is that they’re cutting taxes for everyone and it's gonna be great. The bad news is that since independent analysts haven’t weighed in yet I’m basing that previous sentence entirely on the GOP’s commentary on its own ideas.
Here are the deets. Read ’em and weep with joy, then call your accountant and tell her/him you’re getting a yacht:
Now, folks, some deductions are going to get cut in an attempt to mitigate the enormous mega-amount that the giant rate cuts in the plan would add to the deficit, the deficit ostensibly being a thing that Republicans care about. But! Check it out, via the New York Times:
A big change may be in store for those who deduct medical expenses. The talking points outlined by Republicans say the deduction will go away but that families will be made whole by the overall lowering of tax rates and doubling the standard deduction.
A new twist that would limit the mortgage interest deduction by capping it at $500,000. Anticipating the coming resistance from industry groups, [Rep. Kevin] Brady said: “We’re going to prove them wrong once and for all.”
They’ve got it all under control! Let’s pass this thing!