House Republican lawmakers are awaiting more details about a new GOP tax plan that reduces individual and corporate rates while closing or reducing the value of popular deductions.
“It was more of a broad overview, the details won’t come out until later this morning,” Rep. Mark Meadows, R-N.C.
Lawmakers told the Washington Examiner the initial presentation from GOP leaders was not fully detailed and the text will be released by 11:30 a.m.
Meadows warned against a rumored 10 percent surtax on goods, which has not been confirmed. He said if one is included “it would be a problem.” Meadows is head of the conservative House Freedom Caucus, a faction of about three dozen lawmakers.
So far, Republicans like the fact that the plan appears to leave intact the amount or pre-tax contributions individuals may make to the popular 401(k) savings plan, but some are wary of the reduction in the mortgage interest deduction, which would shrink from a million dollars to $500,000.
The property tax deduction would be capped at $10,000 but that appears enough to placate at least some of a group of lawmakers from New York and New Jersey who fought to keep the property tax deduction.
“I do believe that Chairman Brady sought to address that,” Rep. Lee Zeldin, R-N.Y. said, referring to the head of the Ways and Means Committee. “It appears that there has been a good faith effort to address that.”
