The House Ways and Means Committee unveiled the full version of its bill just ahead of a scheduled markup, featuring several critical elements. Key provisions include a rise in the cap on state and local tax (SALT) deductions, the retention of the mortgage interest deduction, and improved benefits for independent contractors. These changes reflect an effort to offer financial support and incentivize independent workers, potentially transforming tax obligations and benefits for many Americans.
The House Ways and Means Committee released a detailed bill that includes significant changes regarding state and local tax deductions, mortgage interest deductions, and benefits for independent contractors.
The bill sets a precedence with its attempts to provide financial relief and support to taxpayers and independent workers, reshaping the landscape of tax deductions.
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