The tax bill is the first major legislative achievement for the Congress elected last year.
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So what's in the massive $1.5 trillion Republican tax package, what's not and what does it mean for most Americans?The bill preserves the deduction for medical expenses, rebuffing an effort by House Republicans to eliminate it.STATE AND LOCAL TAX DEDUCTION FOR SOMEThe bill imposes a new $10,000 cap on the federal deduction that millions use in connection with state and local income, property and sales taxes.RESTORED TAX BENEFITSThe final legislation restores some tax benefits that had been stripped in the House-passed bill, including the deduction for medical expenses not covered by insurance, the deduction for interest paid on student loans and the $7,500 tax credit for electric vehicles.
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