Republican tax plan to target mortgage deduction

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Republicans have unveiled details of a controversial tax plan, aimed at slashing rates for businesses and lowering inheritance taxes.

The proposal would reportedly lower the corporate tax rate from 35% to 20%, while retaining the top individual tax rate for the wealthiest at 39.5%.

But it eliminates a highly popular mortgage interest deduction for new home loans of $500,000 or more.

Delivering on the plan is a priority for Republicans and the president.

They say it will make US companies more competitive and filing taxes easier for the average American family.

But Democrats say the plan favours the wealthy.

President Donald Trump and other party leaders are expected to discuss the proposal on Thursday.

They are hoping to win approval of the bill by the end of the year.

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