The plan establishes three tax brackets, 12, 25 and 35 percent, and also keeps a top rate of 39.6 percent for the highest-earners, collapsing the total number of brackets from seven.
No Changes to 401(k) retirement plans
Changing the mortgage interest deduction ... Under the Republican plan, existing homeowners can keep the deduction, but future purchases will be capped at $500,000.
One of the biggest flash points will be how the bill treats the state and local tax deduction, which lawmakers are proposing to limit to property taxes and cap at $10,000.