Top Stories: Concerns About The Proposed Tax Overhaul; Set Your Clocks Back This Weekend | KERA News

Top Stories: Concerns About The Proposed Tax Overhaul; Set Your Clocks Back This Weekend

Nov 3, 2017

The top local stories this morning from KERA News:

U.S. House Republicans yesterday released their long-promised tax reform proposal.

The bill would help the wealthiest Texans by repealing the alternative minimum tax and phasing out the estate tax. For middle-income families, the proposal would double the standard deduction and increase the child tax credit.

But the National Association of Realtors worries about a provision capping property tax deductions at $10,000. The group says doing so would lower home prices and hurt middle class homeowners - and Texas has some of the highest property tax rates in the country.

U.S. Rep. Jeb Hensarling (R-Dallas), who chairs the House Financial Services Committee, told Bloomberg he’s confident the proposal will pass by Thanksgiving. Here’s how the tax bill will affect you.

Other stories this morning:

  • Early voting wraps up today for a number of local elections. We run through some of the education issues on Tuesday’s ballot in our Friday Conversation.
  • About 20 miles of Dallas city streets will be closed tomorrow morning for the inaugural Dallas Bike Ride.
  • Set back your clocks! This weekend is Daylight Savings Time. Here’s how to help your body adjust.  

You can listen to North Texas stories weekdays at 8:22 a.m. and 6:20 p.m. on KERA 90.1 FM.