Forindividuals, the GOP tax plan ends up mostly awash

CHRIS TOMLINSON thesimplicityoftheirproposed Overall,theGOPtaxplan House Ways Commentary taxsystem,promisingapostcard- wouldadd$1.7trilliontothe and Means sizedreturnthatrequireslittle deficitbyreducinggovernment Committee efforttocomplete.Butcloser revenues.Most ofthoselosseswill Chairman analysisrevealsthattheGOP comefromloweringthetaxrate Kevin Brady, taxplanwillproducetaxcutsfor onbusinessesfrom35percent to R-The businessesandthosewho own 20percent.Corporationshave Woodlands, them,whiledoingnexttonothing it easy. Congressplanstogrant has been formosttaxpayersand,insome themalowertaxwhilekeeping workingon cases,indirectlyraisingtaxeson mostdeductions. theHouse’s theuppermiddleclass. Most individualswillsee GOP tax plan. Bewarepoliticianspromis- Whetheryoubenefitornot lowerrates,butundertheHouse ingsimplesolutionstocomplex dependsonwhereyouareinlife, plan,couplesearningbetween J. Scott problems. andwhat exemptions,deductions $260,000and$416,000ayearare Applewhite/ Republicanleadersaretouting andcreditsyouclaim. Tomlinson continuesonB8 AssociatedPress

INSIDE AT AGLANCE Some relatives in aSandy Hook case DOW 23,409.47,down30.23 (-0.1%) S&P 500 2,578.87, down 5.97 (-0.2%) want alawsuit against CRUDE OIL $55.70,down$1.06 (-1.9%) agunmaker reinstated. NATURAL GAS $3.102, down 6.5¢ (-2.1) Page B3 BUSINESS

HoustonChronicle @HoustonChron Houston Chronicle | Wednesday, November 15, 2017 |HoustonChronicle.com and Chron.com Section B xx

LODGING Flood reform plan clears House

By JamesOsborne

WA SHINGTON —House Republicans passed legislation Tuesdayseeking to shore up the financesofthe National Flood In- surance Program. Titled the 21stCentury Flood Reform Act, thebill,which passed thechamber with bipar- tisansupport by avoteof237-189, seekstostabilizethe flood pro- gram by shifting homeowners toward private insurers and rais- ingrates on homeowners whose houses have flooded repeatedly. Some rooms at thenew HotelZaZa in Memorial City featureabeach theme. The 17-story towerfeatures 10 floorsof Attention will now turn to the hotel rooms and 133apartmentunits on theupper floors. Senate,wheresimilar legislation is already in theworks. “Itisanabsolutelyrevolution- aryreform that we canbreak open thegovernmentmonopoly and bring in marketcompetition, Suburban, yetfunky innovation, more affordable rates for so many,”said Rep. Jeb Hensarling,R-Dallas, chairman of the House Financial Services By Paul Takahashi artsy headboards andbutterfly Committee. Hotel ZaZa to open outpost designs, andmidcenturymodern “Today’svote on the #FloodIn- he funky, eclecticvibe in Memorial City with urban sputnik lights. surance bill provides important of Houston’s newest Hotel ZaZa Memorial City will reforms for taxpayers and cer- boutique hotelbelies its aesthetic similar to itsoriginal bring asensibility familiaratits tainty for policyholders,” House suburban location. But in the Museum District firstMuseumDistrictlocation — Majority Whip SteveScalise, Tthaturban aesthetic think family“staycation,” girls’ R-La., wrote on Twitter. is exactlywhatdeveloper Metro- nightout or abachelorette party Thebill’s passage follows a National hopestobring to Memori- —towestHouston when it opens lengthynegotiation overthe past al City,envisioned nearly 60 years Dec. 1. Move-ins at TheMcCarthy sixmonths, as Republicans and agobyfounder Joseph Johnsonas apartments are expected to begin Democrats alikebattled overa a“city withinacity” outinwest in February. program thatthose living along Houston. “This bringsacompletely dif- oceans and rivers relyonheavily “Ifsomeonetold us 25 years ferentclienteletowestHouston, to subsidize their floodinsurance agothatHotel ZaZawas going beyond that corporate user who premiums but has runmassive to anchor this development, we staysatatypical hotel,”Johnson deficits overthe pastdecade. wouldhavelaughed,” president said. “A lotofpeoplewanttocome Laura Lightbody, project di- MetroNational JasonJohnson, the into the city for the weekend, rector of the PewCharitable founder’sgrandson, said. “This lookingfor adifferentexperi- Trusts’ flood-prepared commu- hotel provesthatwestHouston is ence.” nities initiative,wrote in ablog growing into itsown.” Formore discerning guests, postthatthe legislation “ad- Built on aformer parking lot, the Hotel ZaZa offers eight themed dresses the growing and costly Kirksey-designed17-storytower “Magnificent Seven Suites,” drain of repeatedlyflooded prop- features 10 floorsofhotel rooms largersuites designed by Duncan erties on the NFIP.” and 133 apartment units on the Michael Wyke photos Miller Ullmann Design.Hotelier “Historicallyrepresenting just upper floors.The 159 luxuryhotel Jason Johnson, presidentofMetroNational, ZResorts has 50 so-called “con- about 1percentofpolicyholders roomsdesignedbyKathy Ander- showsatwo-bedroom residenceonthe upper cept” suites in Hotel ZaZa loca- but roughly25to30percentof son’sEklektik Interiorsboast art floorsofthe newHotel ZaZa. The apartments tions across Texas, whichfeature the program’s claims, the num- deco furniture, king-size bedswith arecalled The McCarthy. Boutique continuesonB8 ber of these propertieshas been growing and maycontinue to Flood continuesonB7

ENERGY OIL INDUSTRY Perry makes case Agency says not for teaming with to countoncrude Canada, Mexico prices staying up

By Collin Eaton NAFTAtalks By Collin Eaton extension of OPEC’s pro- create worries duction cutsnext year. Energy Secretary Rick ›› Business groups are TheInternationalEn- Bloated global petroleum PerrysaidTuesdaythat bouncing betweendespair ergy Agency said the oil inventories were reduced U.S. officials and their and panic. Page B2 industry’shopes for stable by 40 million barrelsaf- counterpartsinCanadaand crudeprices between $50 ter Hurricane Harvey, Mexico must collaborate to to $60abarrel couldbe pushing stockpilelevels speed the developmentof three countries on enhanc- dashed soon if the supply in wealthynations below the continent’svastenergy ing the physical safety and disruptions and geopoliti- 3billion barrels for the first resourcesandremove regu- cybersecurity of the energy cal tensions pushing prices time since 2014. Butthe latoryroadblocks to cross- systems thatstretch across upward prove temporary. oilmarketisn’t tightening borderenergyinfrastruc- the nation’s borders. Marie D. De Jesús /Houston Chronicle U.S. oilprices have risen as quicklyasonceantici- tureprojects. “Canada andMexico MinisterofNatural Resources JimCarr of Canada, above $57abarrel recently pated, the agency said in its TheformerTexas gov- arethe largest energy left,U.S. DepartmentofEnergySecretary Rick amid geopolitical tensions monthlyoil marketreport. ernoralso urgedmutual trading partnersofthe Perry and Secretary of Energy P. Joaquin Coldwell overseas, supplydisrup- Indeed, benchmarkU.S. cooperationbetween the Perry continuesonB7 of Mexico answerquestions TuesdayinHouston. tions and an anticipated OilcontinuesonB7 B8 | Wednesday, November 15,2017 | HoustonChronicle | HoustonChronicle.com and chron.com xx WEATHER

ERICTODABERGERY'S FORECAST HOUSTON’SSEVEN-DAY FORECAST MOON PHASES Houston Chronicle NewFirst Full Last 80 80 82 75 70 71 75 moon quarter moon quarter meteorologistAn upper-levelridge of highpressure will 60 66 65 53 45 57 61 continue to promote dry TODAY THURSDAY FRIDAY SATURDAY SUNDAY MONDAY TUESDAY weather for the area Mostly sunny. Partlycloudy. Partlycloudy. 30 percent Mostly sunny. Mostly sunny. 30 percent Nov18 Nov26 Dec 3 Dec 10 chanceofstorms. chanceofrain. Sunset today 5:25 p.m. today. Patchy fogwill be H Sunrisetomorrow 6:47 a.m. possible this morning, Moonrisetoday 4:05 a.m. L Moonsettoday 4:06 p.m. then skiesshould be NORTH AMERICL ATODAY ForecasthighsH and location of weather systemsat3p.m. Vancouver INTERNATIONAL partlycloudy. Isolated <-0s Calgary Saskatoon COASTALFORECAST 0s TodayTomorrow Seattle Regina Winnipeg showers willbepossible 10s Thunder Bay Africa GALVESTONBAY: Southeast Ottawa Montreal Cairo81/62/s 82/61/pc winds around 5knots.Bay on Thursdayand Friday. Portland 20s Helena Cape Town 66/53/pc 69/51/pc waters smooth. Tonight: 30s Bismarck L Boston Casablanca72/48/s 72/50/s Otherwise,expect partly Boise Toronto Southeastwinds around 5 40s St.Paul Dakar88/77/pc89/77/s to mostlysunnyskies. A NewYork knots. Baywaters smooth. 50s L Johannesburg75/44/ts 63/42/s H SiouxFalls Madison Detroit H Lagos89/76/ts87/76/ts cold frontwill produce a 60s Philadelphia Asia/Pacific MATAGORDASHIP SanFrancisco Cheyenne chance of showers and 70s DesMoines Chicago Beijing 43/24/s46/27/s CHANNEL TO HIGH ISLAND OUT20TO50MILES: 80s Salt Lake City Indianapolis Wash., D.C. Ho Chi Minh 88/76/ts 90/75/pc thunderstormson Denver Lincoln Hong Kong 79/73/r79/73/pc Southeastwinds 5to10knots. 90s St.Louis Saturday, and cooler LasVegas Raleigh Islamabad 69/47/ts 72/46/pc Tonight:Southeastwinds 100s> Topeka LosAngeles Jakarta92/77/ts 90/76/ts around 5knots. conditions are expected. Karachi 88/63/s87/62/s HColumbia KualaLumpur 89/75/ts 88/75/ts Even cooler weather will Oklahoma City LittleRock GALVESTONTIDES Phoenix AlbuqueHrque Manila90/77/pc89/78/pc be possible on Sunday Low Atlanta Atlantic NewDelhi 82/60/pc 82/59/pc HIGHS: 01:33 a.m.03:0, 9p.m. pressure Jackson Dallas Ocean Seoul 43/25/pc 43/29/s LOWS: 08:28 a.m.08:55, p.m. and Mondayafter the El Paso Shanghai 66/54/pc62/61/r frontal passage. Skies Juarez LAustin Singapore87/76/ts 88/76/ts High NewOrleans Sydney77/63/pc77/66/pc RIVERS, CREEKS will beSciGuymostlyclear.A pressure Hermosillo SanAntonio Taipei 77/70/r82/71/pc Rain AND BAYOUS online Chihuahua Houston Miami Tokyo59/50/cd57/44/s fewmorecloudsshould Jet stream L Canada Flood Latest 24-hr. ›› Getregular updates on the Calgary 36/18/pc22/5/sn Location stage stage chg. move into the region on Thunder- Monterrey Warm front Edmonton 25/10/cd12/0/pc weatherTuesda aty. Eric Berger’sSciGuy storms Gulf of Havana BraysBayou South Main Mexico Montreal40/35/pc45/26/r 54 16.6 0.0 blog. blog.chron.com/sciguy Toronto45/41/pc 43/28/pc Brazos River Bryan 43 8.2-0.1 Cold front Snow Vancouver 48/41/ts 46/38/r Hempstead 50 12 +0.1 Tampico Cancun Winnipeg 22/13/sn 30/23/pc METROAREA Pacific Guadalajara Richmond 48 11.4-0.4 Stationary Ocean Merida Europe PineyPoint 50 28.7 +0.1 OUTLOOK front Ice 54/47/r53/41/r TODAY: Partlycloudy. Patchy 71/60/r66/56/ts ShepherdDr. 23 2.7+0.2 Caribbean Sea fogearlyinthe morning. Highs MexicoCity Veracruz 48/44/cd 49/40/pc ClearCreek Friendswood 12 2+0.2 BelizeCity around 80. Copenhagen49/38/pc48/41/r Colorado R. Austin 29 11 -0.1 Acapulco Anchorage Honolulu Dublin 52/46/cd 49/34/pc Bastrop 25 2.5 -0.1 TONIGHT: Partlycloudy. Lows Frankfurt 46/32/pc 46/35/pc LaGrange 32 3.8+0.1 Tegucigalpa in the mid-60s. Southeast Guatemala Geneva 47/30/s 49/33/s Columbus 34 10.8 0.0 winds around 5mph. Istanbul 65/54/s 62/54/pc Wharton 39 9.20.0 Forecasts, graphics and dataprovided by ©2017, TheWeather Company, LLC 56/47/cd 55/35/cd AIR QUALITY 61/34/s65/36/s BayCity 44 5.6-0.1 FOR THE RECORD TEXAS NATIONAL cont. Moscow 34/33/sn 37/31/sn Greens BayouEastex Fwy. 61 38.9 0.0 Today’sforecastfor Paris51/41/cd 53/43/pc Guadalupe R. Hunt 12 7.80.0 the entiremetro area: Measurementstaken at George TodayTomorrow TodayTomorrow Prague43/31/pc 41/32/pc Comfort 26 3.40.0 Bush Intercontinental Airport Abilene 70/52/pc74/59/pc Cleveland51/38/sh43/31/sh Rome 61/47/r 64/45/pc Spring Branch 36 2.3 0.0 Temperature Degrees F Amarillo 63/38/s74/49/s Columbus, OH 50/34/sh 43/28/pc 40/28/r37/34/s NewBraunfels71.9 0.0 Austin 76/63/pc 77/65/pc Denver54/34/pc70/41/pc Vienna 45/30/s 44/39/pc Gonzales 31 12.2 -0.1 Ozone watch High yesterday 79° Warsaw 44/40/cd 47/37/cd 58° Beaumont 79/59/pc79/63/pc Des Moines 51/26/pc45/40/pc Cuero 20 8.9+0.1 Lowyesterday Brownsville 85/70/pc85/72/pc Detroit 47/34/sh 43/29/pc Zurich 46/26/s 42/27/s Good Unhealthy Normal high 73° Bryan/Col. St.80/63/f 80/65/pc Duluth 34/32/pc 34/20/pc Latin American/Caribbean Victoria 21 70.0 Dupont 20 11.70.0 Moderate Very unhealthy Normal low 53° Corpus Christi 81/70/pc79/72/pc Fairbanks9/5/cd 16/-2/sn Bogota69/55/r71/54/ts Record high 89°in1921 Dallas/FW 73/58/sh68/63/sh GreatFalls 42/27/pc 45/27/pc BuenosAires 88/56/ts 71/63/s LittleRiver Little River 30 1.60.0 Unhealthy/ Hazardous Record low 28° in 1969 El Paso 77/43/pc 79/49/s Hartford 45/35/pc 50/33/sh Caracas82/64/ts 78/65/ts Cameron 30 1.4-0.1 sensitive Precipitation Inches Galveston 74/67/pc 74/70/pc Honolulu86/73/sh86/73/pc Havana 80/68/pc 79/68/pc Navasota R. Easterly 19 3.2 0.0 groups Yesterdaythrough 4p.m. 0.00" Kingsville 86/63/f 85/67/pc Indianapolis 48/33/sh 42/32/pc Kingston 85/77/ts 86/77/ts NechesRiver Evadale 19 7.50.0 Laredo 83/67/pc 85/68/pc Jackson, MS 71/51/pc 74/54/pc Lima 67/60/pc 67/61/pc Month to date 0.50" Rio 83/70/s 90/74/s Pine Island B. Sour Lake 25 11.90.0 Longview74/58/pc72/61/ts Juneau 26/16/pc27/20/pc Sabine River Bon Wier 30 12.8 -0.5 POLLEN ANDMOLD Normal month to date 2.11" Lubbock 65/43/s 70/49/s Kansas City57/32/pc52/46/pc SanJuan89/77/ts 89/77/ts Year to date 75.97" McAllen 85/68/pc86/70/pc LasVegas 75/57/pc 77/59/pc SanSalvador 86/65/ts 85/63/ts Deweyville 24 15.9+0.1 Yesterday’sreadingsbythe Normal year to date 43.80" Midland/Od. 70/49/pc76/56/s LittleRock 64/50/ts 63/55/pc Santiago 77/52/pc 83/53/s Orange 420.0 City of Houston: Other readings SanAngelo74/50/pc74/59/pc LosAngeles 68/59/pc69/59/pc SaoPaulo87/67/s 87/67/ts Burkeville 43 13.6 +1.5 Countpercubicmeterofair Topwind speed 12 mph SanAntonio 77/65/pc 79/65/pc Memphis 64/47/ts 61/48/pc St.Thomas 85/81/r85/80/pc SanBernardR.E.Bernard 17 6.30.0 Tree pollen None 0 High barometer 30.22in. Texarkana69/56/ts 61/58/sh Miami 81/69/sh80/68/sh Mexico Sweeny 16 00.0 Acapulco 87/75/s87/75/s Weed pollen 30.06in. Victoria 81/65/pc 81/67/pc Milwaukee 49/30/sh38/32/pc E.SanJac.R. Cleveland 19 50.0 Medium 12 Lowbarometer Waco 74/61/cd 76/63/pc Minneapolis 37/24/pc 38/33/pc Cancun 83/68/pc 81/67/pc Grass pollen None 0 High dewpoint 63° Nashville 61/44/sh59/36/pc Guadalajara83/50/s 83/50/s W. SanJac.R. Conroe 11694.60.0 Lowdewpoint 59° SanJacintoR.Sheldon 10 -0.2 -0.1 Mold pollen Medium 6,904 NewOrleans 72/57/pc 74/58/pc Guanajuato80/48/s 79/47/s Avg. dewpoint 61° NATIONAL NewYork City49/43/pc54/36/r Mazatlan 89/69/s89/70/s Sims BayouTelephone Rd. 30 2.4+0.2 Oklahoma City62/41/pc 61/56/pc Merida 86/67/r85/65/pc TrinityRiver Goodrich 36 5.40.0 High humidity 100% TodayTomorrow Low Medium Heavy Ext. Heavy Lowhumidity 62% Orlando 77/60/pc 75/57/pc MexicoCity75/46/s 75/49/s Liberty 26 7.60.0 Albany,NY45/36/pc49/29/r Philadelphia 52/44/pc 57/37/pc Puerto Vallarta88/72/s 87/73/s VillageCreek Kountze 20 40.0 Note: No measurementsonweek- Albuquerque 66/40/pc 70/47/pc Phoenix 86/61/pc 85/61/pc Tampico84/69/s 84/69/pc WhiteOak B. HeightsBlvd. 48 7.70.0 ends; chartsinSundayand Monday KEY TO CONDITIONS Anchorage21/18/pc24/17/sn Pittsburgh 50/34/sh 41/27/sh Veracruz 85/67/s 84/69/s papers reflect reading from previous Atlanta59/45/pc65/44/pc Portland, OR 49/43/r49/42/ts MiddleEast Friday c-cloudy r-rain Baltimore50/42/cd57/34/pc Sacramento64/52/r 62/41/r Baghdad 82/54/s 80/53/s TEXAS LAKES d-drizzle rs-rain/snow 63/50/pc67/46/pc Salt Lake City60/48/pc62/42/r Beirut 76/64/s79/66/s Full Actual Release UV FORECAST f-fair s-sunny Boise53/36/r 50/34/sh SanDiego74/62/f 76/62/f Dubai 89/70/s 87/72/s level level cfs fg-fog fl-flurries Boston 45/38/pc48/35/sh SanFrancisco 61/56/r 58/50/sh Jerusalem 74/53/s76/56/pc 909 905.968 Buffalo53/31/sh 42/28/fl SantaFe61/35/pc 64/40/pc Canyon Dam h-hazy sh-showers Kabul 46/33/sn 44/26/sn Conroe 201 200.6 0.0 1234567891011 i-ice sn-snow Charleston, SC 65/41/pc 70/45/pc Seattle48/42/r 46/40/sh Mecca 96/74/s96/73/s Charlotte 56/40/pc 65/38/s St.Louis 59/34/ts 48/39/pc Riyadh 88/58/s 86/57/s Houston 41.73 41.80.0 Very mm-missing ts-thunderstorms Chicago49/31/sh41/33/pc Tucson 87/54/pc88/58/pc Tehran 64/48/s62/46/s Lake Travis 681 670.10.0 LowModerateHigh high Extreme pc-partly cloudy w-windy Cincinnati 51/36/sh46/30/pc Wash., D.C. 52/42/cd 58/36/pc TelAviv 79/57/s83/59/pc Livingston 131130.3 1510 Boutique hotel could add shoppers at Memorial City Mall

Boutique from page B1 $900 anight. Memorial City Thebuilding is Metro- by the numbers themed furniture,accesso- National’s first mixed-use ries and designsmodeled hotel-apartment tower, million square feet of after traveldestinations. Johnson said. As Memorial 3.1 ClassAoffice space “Wewantedtotakeour City hasgrown beyond the forcompanieslikeAir guests andtransportthem mall to include office,hotel, Liquide,Cemex andGroup 1 to aplace where theyfeel restaurants, the developer Automotive likethey’re at abeach or in hasbeenaddingmoreapart- million square feet at Paris,” interior designer mentsinrecentyears. 2.3 Memorial Hermann Kimberley Miller said.“It TheFountains, a114-unit Memorial City givesthem asenseofplace.” luxuryapartment, opened Hotel ZaZa also features in 2010,and MetroNational million square aspa, gymand “beach club” isworkingwithGilbaneand 2.2 feet of shopsand with aresort-style pool and SlateReal Estate Partners restaurants cabanas. In addition,there on a333-unitapartment square feet of will be 11,000squarefeet projectcalled Barryknoll. 11,000 greenspaces of eventspace,including a “Weneeded some more -key Westin ballroom, foyer and con- residential,”Johnsonsaid. Michael Wyke 289 Memorial City ferenceroomoverlooking “We’vebeenalittle under- Afauxweddingshows howthe ballroom space can be used at thethe newhotel. -key HotelZaZa aCiro’s restaurantand a servedonthe apartment 159 Memorial City 7,000-square-foot lawn for side.Thiswas agreatop- penthouse,also have some want to live near work and can drive more shoppers events. On the ground floor, portunity to put in multi- hospitality touches, such have access to convenient to Memorial City Mall, the (Approximately) the Tipping Pointrestau- familyunits and have more as entryway sconcesand hotel-likeamenities and linchpinofMemorialCity. 1,000 apartment rantwill serveAmerican- of an urban feel on this side hotel-style doorstops. restaurants. Hotel guests As online shoppinghas units, including The stylecuisine. of the campus.” Penthouseresidents and apartmentresidents roiled suburban shopping Fountains, TheMcCarthy Thehotel already has TheMcCarthyapart- willhavefree valetparking can walk fromthe towerto malls around the country, and the Barryknoll (under twoholidayparties and two ments feature the typical and roomservice. Lincoln Memorial City Mall in min- retail developers are seek- construction) weddingsscheduled for luxury finishes: stainless PropertyCo.,which man- utes, Johnson said. ing newwaystocreate a December, as well as eight steel appliances, granite ages TheMcCarthy,did not “JustbeingontopofZaZa retail experiencetoentice other weddings booked in countertops, aspeaker release the rental rates. is agreatamenity for our shoppers away from Ama- ond to theGalleria,” John- 2018,according to IanBush, system,and views of down- Theapartmentswill residents,”Johnsonsaid. zon and the like, Johnson sonsaid.“We’ll be here for the hotel’s general man- town and the Galleria area. likelyappeal to high-in- Ultimately, MetroNation- said. “E-commerce will af- quitesometime.” ager.The double king-sized Theunits, whichrange come millennials and en- al hopes adding aboutique fectus, but this is one of the bedrooms startat$279 per from a530-square-foot stu- ergy professionals in their hotel, restaurant, apart- better-performingmallsin [email protected] night,and thesuites startat dio to a2,000-square-foot late 30s and early 40swho ments and events spaces Houston, typically onlysec- twitter.com/paultakahashi Tomlinson: Expect aboostbut not awindfall for U.S. economy

Tomlinson from page B1 ataxhikeby2027because $5.49millionarecurrently cantaketwo standardde- deduction,whichwould andcritics,andmuch ofit theprovisionsthatbenefit exempt,andboththeHouse ductionsandfourpersonal hithouseholdswithelderly isludicrously exaggerated. bumpedintoahighertax themiddleclassphaseout, andSenateplansraisethe exemptionsfor$28,000. orchronicallyillmembers. Therichwillseegreater bracket.Thebottomline theinstitutesaid. exemptionto$11million. UndertheGOPplan,the Somehouseholdsroutinely benefits,butthat’sbecause isthatwhileCongressis Howmuchofataxbreak Themoreclevertrick totaldeductionsandcredits deduct$30,000ayearand theypaymoreintaxes.The cutting$1trillionintaxes you’llseedependsonyour intheGOPplan,though, wouldbe$27,600. wouldendup payinghigher businesscommunitywill onindividualsoverthenext income,whereit comes isthenear-doublingof Forothercouples,the taxbills.Theaverage Medi- do well,butthiswillnotbe 10years,it isalsocutting$1 fromandwhetheryouitem- thestandarddeduction standarddeductionof carebeneficiarypays$5,680 revolutionary. Theremight trillionintaxbreaks. izeyourreturn. whileeliminatingthemost $24,400doesnotmakeup inout-of-pocketexpenses beashort-termeconomic Athirdofthetaxcuts Theeliminationofthe popularitemizeddeduc- forlostitemizeddeduc- ayear,andwithoutthe boost,butit willnotbethe wouldgo tothetop1percent alternative minimumtax tions.Toutingthisasabig tions,such asthe$2,500 deduction,theseelderly windfalltheGOPclaims. ofAmericans,whoaccord- isahugewinforhigher- steptowardsimplifyingthe studentloaninterestrate peoplecouldpaytaxeson Average Americans, ingtotheconservative- incomepeople.TheAMT taxcode, HouseRepubli- deduction. moreoftheirincome. though,shouldnotexpect leaningTaxFoundation, currentlycatcheswealthy canspredictthenumberof TheSenateplanwould Overthenext10years, toseemuch ofadifference paid40percentofthe peoplewhousetoomany taxpayersfilingitemized eliminatethestateand thesametaxpayermight intheirlives,perhapsafew individualincometaxes deductionstoavoidpaying returnswoulddropfrom localtaxdeduction,which actuallyseebothtax hundreddollarshereor collectedlastyear.Over taxesandforcesthemto 30percentto6percent.Pre- inTexasletshomeowners reductionsandhikes,as there.Thisplanwillnotdo theplan’s 10-yearhorizon, payasupplementaltax. sumablythiswillsave time deductthemoneywe payin comparedwiththecurrent much forthem,andthatis though,thetop1percent Congressintroducedthe andaccountingcosts. propertytaxes.TheHouse taxcode, asheorshepasses perhapsthemostdamning willseemoreofthebenefits AMTtokeeppeoplefrom Theproblemisthat keepsthedeductionbut fromyoungadult,toparent praiseimaginable. becauseofthewayCon- gamingthesystem,andthe manyfamilieswillendup limitsit to$10,000.Either tomiddleageandretire- gressisindexingincometo GOPplanrepealsit. payingmorebecausethe way, thehigherstandard ment.Theoddsthatasingle Chris Tomlinson is the inflationandtheestatetax, Reducingoreliminating higherstandarddeduction deductiondoesnotmake taxpayerwillseeanetben- Chronicle’sbusiness accordingtotheleft-leaning theestatetaxalsobenefits doesnotequalthevalueof up forthelostpropertytax efitoverhisorherlifetime columnist. InstituteonTaxationand theextremelywealthy, thedeductionsandexemp- deductionforuppermiddle areprettyslim. [email protected] EconomicPolicy. becauseright nowthey tionstheGOPwantsto classhome-owners. Thereisanenormous twitter.com/cltomlinson Aquarterofmiddle- aretheonlyoneswhopay eliminate.Acouplewith TheHouseplanelimi- amountofhypearoundthe www.houstonchronicle.com/ incomeAmericanswillsee it.Estatesvaluedup to twochildren,forexample, natesthemedicalexpenses GOPplan,fromproponents author/chris-tomlinson