Mortgage Interest Deduction

Current law: Deductible mortgage interest is capped at loans of $1 million.

Proposed: Deductible mortgage interest for new purchases of homes would be capped at loans of $750,000.

Medical Expense Deduction

Current law: Qualified medical expenses that exceed 10 percent of the taxpayer’s adjusted gross income are deductible.

Proposed: Reduce the threshold to 7.5 percent of AGI for the tax years 2017 and 2018.

Child Tax Credit

Current law: A $1,000 credit for each child under 17. The credit begins phasing out for couples earning more than $110,000. The credit is at least partially refundable to qualified taxpayers who earned more than $3,000.

Proposed: Double the credit to $2,000 and provide it for each child under 18 through 2024. Raise the phase-out amount to $500,000, and cap the refundable portion at $1,400 in 2018.

Estate Tax