Republicans formally roll out tax plan — live updates

CBS News’ Nancy Cordes contributed to this report.

House Republicans are unveiling their tax overhaul Thursday, making some changes, yet looking to preserve current tax rules for retirement accounts popular with middle-class Americans and to retain a top income-tax rate for million-dollar earners.

GOP negotiators scrambled this week to finalize details of the first major revamp of the tax system in three decades. They missed a self-imposed Wednesday deadline as top Republicans batted down rumors that the public rollout could be delayed until next week.

The legislation would fulfill a longstanding goal for Capitol Hill Republicans who see a once-in-a-generation opportunity to clean up an inefficient, loophole-cluttered tax code. But there is lingering opposition from northeastern Republicans fearful of losing a cherished deduction for state and local taxes and anxiety among other rank-and-file lawmakers over emerging details.

While the plan’s unveiling will be hailed as a win by the Trump administration, according to a new CBS News poll, providing sweeping tax cuts are not a priority for everyone, including many Republicans. Seven in 10 Americans think the president and Congress should address other issues before passing a tax cut and reform bill, and only a slim majority of Republicans see the issue as top priority. 

The formal rollout takes place following the weekly House GOP conference meeting. The president will also meet with House members at the White House to discuss the legislation later Thursday afternoon.

Follow along for live updates below: 

Details being rolled out at closed-door conference meeting

The details of the plan, outlined below, are being presented to members of the House Republican Conference behind closed doors Thursday morning and will be unveiled to the public around 11:15 a.m. ET. 

House GOP proposes cutting the home mortgage interest deduction in half

While the Republicans said that they will would preserve the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes, it says it would be up to $500,000. According to the IRS, Americans are able to deduct interest on their mortgages of up to $1 million. 

Lobbyists receive details of tax plan

House Republicans are unveiling the Tax Cuts and Jobs Act, which according to two pages of talking points circulated to lobbyists Thursday, would provide a $1,182 tax cut for a typical middle-income family of four earning $59,000. Specifically, it would lower individual tax rates to zero, 12 percent, 25 percent and 35 percent.

The talking points, obtained by CBS News’ Nancy Cordes, would reduce tax rates for low and middle-income Americans and doubles the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples. The bill would eliminate certain taxes such as the Alternative Minimum Tax and the so-called “death tax.”

The plan establishes a new family credit, and would expand the child tax credit from $1,000 to $1,600. It would also preserve the child and dependent care tax credit of $300. The plan would also preserve the earned income tax credit and the home mortgage interest deduction.

It would lower the corporate tax rate to 20 percent, which the talking points say are the largest reduction for the U.S. corporate tax rate in history. It would also lower the tax rate on “hard-earned business income of Main street job creators” to no more than 25 percent, the talking points say.

The proposal would make “no changes” to retirement savings options including 401(k)s and individual retirement accounts.