Let's hope the House wins at least a few battles in committee, because the Senate tax bill has a number of disappointing features: Keeps mortgage interest deduction as is: The Senate bill would still let you claim a deduction for the interest you pay on mortgage debt up to million. The House wants to cap the loan limit at 0,000 for new mortgages. Preserves the Alternative Minimum Tax: The original Senate bill, like the House-passed bill, would repeal the AMT. But to help offset the cost of other late amendments, the final revision of the Senate bill now keeps the AMT in place but raises the amount of income exempt from it. Preserves the estate tax, but exempts almost everybody: Unlike the House
Scott Sumner considers the following as important: tax reform
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