The latest version of the GOP's tax bill, a compromise between Congressional Republicans, does not stand to help most Californians.
Here's what we know:
Income and property tax deduction:
The GOP bill caps the income and property tax deduction -- it can be a combination of the two -- at $10,000. Currently, Californians can deduct all of these taxes. There's no cap.
And that could translate into a tax bill that's thousands of dollars more expensive.
"Because millions of Californians pay more than $10,000, it is a big tax increase," said University of California, Davis law professor and tax expert Darien Shanske.
Mortgage interest deduction:
The mortgage interest deduction currently has a cap of $1 million, but the GOP tax bill lowers the cap to $750,000. That means homeowners in California will pay more taxes if their mortgage interest is more than $750,000.
Generally, the ability to deduct interest on a home mortgage encourages homeownership, according to Shanske.
According to The New York Times, Congressional Republicans hope to have the tax bill on President Trump's desk by Christmas.
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