| | A sweeping overhaul of the tax code would cap the deduction for property taxes at $10,000 and preserve the mortgage interest deduction only for existing mortgages and new purchases with loans of $500,000 or less, documents distributed to House members Thursday show. The plan also maintains the top bracket of 39.6% for high-income households, and phases out rather than immediately repeals the estate tax, which applies now to estates worth about $5 million or more. Other brackets would be compressed to new rates of 12%, 25% and 35%, but income breakouts for those brackets were not immediately released. The full tax bill is due to be released later in the day, and Republicans are planning to pass the whole package before Christmas.
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