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Article snippet: House Republicans on Thursday unveiled their long-awaited tax bill, which they hope to pass before Thanksgiving. The 429-page measure makes numerous changes to both the individual and business sides of the tax code. In the weeks and months leading up to the bill’s release, there was much speculation and pushback over various ideas. Here’s how the bill addressed several controversial issues. State and local tax deduction Republicans faced a revolt from GOP lawmakers representing New York and New Jersey when they floated the idea of repealing the deduction for state and local taxes. Given high property values in places like the New York suburbs, the existing language will help constituents of the complaining lawmakers. But it won’t make them whole, and it will almost certainly cost the bill some votes. Reps. Peter King (N.Y.), Lee Zeldin (N.Y.) and Frank LoBiando (N.J.) all said they could not support the bill in its current form. “We need to fix this state and local tax deduction issue,” Zeldin said in a statement. “Adding back in the property tax deduction up to $10,000 is progress, but not enough progress.” Top tax bracket The GOP bill keeps the 39.6 percent top tax rate, which will make it easier for Republicans to argue that their bill is focused on middle-class tax relief and is not primarily benefitting the wealthy. However, it increases the income threshold for that bracket from about $470,000 for a married couple to $1 million. The different threshold wi... Link to the full article to read more