Proposed Tax Reform Could Cut Mortgage Interest Deductions

Proposed Tax Reform Could Cut Mortgage Interest Deductions

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The House Republicans plan for tax reform was unveiled today revealing that, among plans to cut the corporate tax rate by 20 percent and slash the number of tax brackets to four, they have also proposed to cut the popular mortgage interest deduction in half. While it would maintain the current deduction of $1 million in mortgage debt, it would reduce this for new homeowners to $500,000. This could hit the median priced housing market hard. The plan would also double the standard deduction, meaning fewer tax payers would be able to take advantage of the mortgage interest deduction. This could reduce the current number from 21 percent of taxpayers to 4 percent, affecting the middle class the most. Read More



Liz Peters Headshot
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Phone: 949-683-5374
Dated: November 2nd 2017
Views: 39
About Liz: An Orange County native and Team Manager of The Kurt Real Estate Group with a heavy background in bo...

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