Business Insider writer Bob Bryan shares more details on the federal tax reform agreement put together by the House-Senate conference committee yesterday. The revised bill will not be available until Friday, but Republicans on the committee have reportedly compromised on a number of key provisions.
According to the article, the final bill would:
- provide a 20 percent deduction for pass-through businesses;
- repeal the corporate alternative minimum tax;
- lower the cap for the mortgage interest deduction to $750,000;
- cap the state and local tax deduction to $10,000;
- leave out the “graduate student tax” on tuition waivers; and
- lower the corporate tax rate to 21 percent.
