With the caveat that any list of forthcoming changes is speculative, here are major items

With the caveat that any list of forthcoming changes is speculative, here are major items
that are under discussion in Washington and that may affect your tax returns:
The Trump plan and the House plan would both cut the top rate to 33 percent from 39.6 percent, raise the lowest rate to 12 percent from 10 percent,
and collapse the number of brackets — different tax rates at different income levels — to three from seven.
The Trump plan does not call for lowering the rates on long-term capital gains, which now top out at 20 percent for the
highest earners — single filers with adjusted gross incomes above $415,050, and couples with incomes above $466,950.
The Trump plan would cap itemized deductions at $200,000 a year for married couples filing jointly and $100,000 for single filers.
There has been talk in Congress for years about limiting or eliminating itemized deductions for mortgage interest (interest payments on up to $1 million in mortgage
debt are now deductible), usually in conjunction with raising the standard deduction, although these changes are not part of the current House plan.
The itemized-deductions cap proposed by Mr. Trump would effectively limit interest
and real estate tax deductions for the owners of expensive homes — a backdoor way of curtailing them.

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