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How the GOP's tax plan could hurt the value of your home

Source: https://aol.com/article/finance/2017/01/25/how-the-gop-s-tax-plan-could-hurt-the-value-of-your-home/21662819/ - Jan 25, 2017

Until recently, the mortgage interest deduction was right up there with Social Security as a sacrosanct institution on Capitol Hill, protected by lawmakers on both sides of the aisle. Backed by the powerful National Association of Realtors and supported broadly by middle-class homeowners, previous efforts to dismantle the mortgage deduction have gone nowhere.

However, the Better Way tax-reform "blueprint" from Republican House Speaker Paul Ryan would essentially get rid of the mortgage interest deduction, without policymakers having to vote to eliminate it. The plan would make the standard deduction far more valuable -- increasing it from $12,600 to $24,000 for a married couple. This would result in far fewer people itemizing their taxes, which is necessary in order to claim the mortgage tax deduction. (President-elect Donald Trump's tax plan calls for raising the deduction even higher, to $30,000 for joint filers.)

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Category: General Business