House tax plan will keep top rate of 39.6% – but bracket to kick in at $1 million: WSJ

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Details of the new tax bill, to be called the Tax Cuts and Jobs Act, show that there will be a top rate of 39.6% — but at a much higher income threshold of $1 million for married couples, The Wall Street Journal reported, citing a summary of the plan. For married couples, the 25% rate starts at $90,000 and the 35% rate starts at $260,000. The mortgage interest deduction would be capped at $500,000, down from $1 million, though existing loans would be grandfathered, the report says. The House bill takes the child credit from $1,000 to $1,600, the report adds.

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