GOP leaders had been optimistic the tax bill would pass quickly earlier in the day after Arizona Sen. John McCain and Alaska Sen. Lisa Murkowski announced their support. The new analysis by the nonpartisan Joint Committee on Taxation shows the tax package would increase economic growth, generating an additional $458 billion in tax revenue. The Senate’s tax plan would eliminate state and local tax deductions – meaning taxpayers in high-tax states would lose a write-off. The Senate’s tax plan also includes a repeal of the individual mandate, the ObamaCare requirement for Americans to have health care. The Senate tax reform measure would leave the mortgage deduction pretty much alone, capping it at $1 million.

Source: Fox News November 30, 2017 23:09 UTC