The GOP tax plan would cut corporate income taxes by more than $1 trillion.
It would also reduce state and local taxes for corporations by $3.6 trillion over a decade.
But some of the most dramatic changes could come to the steel building homes industry.
It’s expected that the plan would eliminate the tax credit that is currently available to those who build and own a steel-framed home.
The House passed the bill by a vote of 217-205, and the Senate is expected to follow suit, too.
If the House doesn’t take up the bill soon, it will become law on July 1.
The Senate version of the bill also includes a $10,000 deduction for every $1,000 of taxable income, while the House version would make it a $500 deduction for each $1 million in taxable income.
This would mean that an individual earning $1.9 million in income would have to pay $2,700 for each house they buy, according to the Congressional Budget Office.
It is a far cry from the $8,000 to $15,000 they currently pay on average for a single-family home.
This isn’t to say that the tax credits would be cut, but the GOP plan is expected at the minimum to eliminate a tax break that has been on the books for decades.
For the first time in decades, the corporate tax rate would be lowered, while individuals would see a tax increase on their investment income.
The bill also eliminates the mortgage interest deduction, but allows homeowners to deduct up to $750 per year of the cost of their home in the first year of ownership.
The tax bill includes a provision to eliminate the estate tax.
This tax is passed on to future generations of taxpayers, so eliminating it would save the government money in the long run.
In addition, the bill eliminates a deduction for charitable contributions, and allows for the deduction of state and city property taxes.
This will help make up for the loss of the credit for the steel industry.
The deduction for building, operating, and maintaining a steel home is scheduled to expire on Jan. 31, 2019, meaning that many families who have been building or owning a steel house are going to lose it in the coming years.