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First Class Mortgage LLC - Aiea, HI

First Class Mortgage LLC 808-486-3133

House tax bill will cap mortgage interest deduction, leave 401(k)s unchanged

On Wednesday evening, House Ways and Means Committee Chairman Kevin Brady, R-Texas, suggested the party might wobble on Trump's promise to permanently cut the business tax rate, instead having the rate expire after eight years as part of an effort to facilitate the bill's passage in the Senate. But in a late change, Republicans extended the cut in the business tax rate, in part by scaling back the scope of a new "Family Flexibility Credit" for parents and non-child dependents that the bill would create, said several people involved in the discussions who were not authorized to discuss them publicly.

In the version of the bill introduced Thursday, the credit would be worth $300 annually and would be eliminated in five years.

For individuals and families, income-tax rates would go down. Currently, families have to pay a tax rate of 39.6 percent on income above $470,700. The House Republican bill would apply that tax rate only to income above $1 million for families. Rates further down the income spectrum would be cut as well.

This Sneaky Home-Buying Scam Is on the Rise. Here's How to Spot It

The hackers switch the details of where to wire your money during a time-sensitive and already overwhelming process, which is why it’s easy for even the most diligent of people to become victims.

Recouping Lost Funds

Allan realized she’d been the victim of fraud within two hours of sending the wire transfer and immediately called her bank, Chase, to report the situation. She reached out to her title agent after still feeling unsettled by the last minute change and was informed the title company had been hacked (and shockingly, not the first time).

A report was filed with the FBI and the title company also helped to track down the stolen funds. In order to get her bank’s attention quickly, she wrote them on social media, in addition to spending hours and hours on the phone. Ultimately, Bank of America (where the hackers had Allan send the money) froze the funds — but it took days for her to get the banks to cooperate with each other and stop quarreling over liability. She ended up getting all but $400 back.