Camp to Cap Mortgage Benefit While Ending State Tax Break
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A tax plan from House Ways and Means Committee Chairman Dave Camp would further limit the mortgage-interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.
Camp’s plan to be unveiled today, the most comprehensive reconstruction of the U.S. tax code since 1986, would reduce individual and corporate tax rates. The corporate rate cut to 25 percent from 35 percent would be phased in over five years.