The tax bill the House rolled out today would cap mortgage-interest deductions, tax large university endowments, but includes 'no changes' to 401(k) plans. (Photo: AP)

(Bloomberg) – House Republican leaders began rolling out a tax bill Thursday that contains sweeping changes for business and individual tax rates, including a measure to cut the corporate tax rate to 20 percent.

The bill would cap the mortgage-interest deduction on new home sales at $500,000 — a departure from the current cap of $1 million for couples filing jointly, according to a memo written by the House Ways and Means Committee.

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