WASHINGTON (WOWO): House Republicans have unveiled their proposed tax bill, which they say will preserve 401K retirement accounts, lower tax rates for many individual households, and trim deductions for state and local taxes.

Fox News reports that the plan will reduce the cap on the popular deduction to interest on mortgages to $500,000, a reduction of half the current cap, while also limiting the deductibility of local property taxes to $10,000 and completely doing away with the deduction for state income taxes, which drew strong opposition from Republicans in higher-taxed states like New York and New Jersey.

The top individual tax rate will be left at 39.6%, while the child tax credit will rise to $1,600. The exemption of just over $4,000 per child will be repealed under the plan.

President Trump is expected to meet with House Republicans this afternoon. The House Ways and Means Committee will consider the bill next week.