Among the key differences between the House and Senate versions of the Tax Cuts and Jobs Act are the changes to the mortgage interest deduction (MID). As the chambers work together to produce a conference report, capping the MID will be one of the big differences to work out. By way of background, under current […]
Robert Shiller shares his views on the Republican tax plan.
One of the most-controversial parts of Republican tax reform is the Senate's proposal to sharply limit the amount of mortgage interest homeowners can deduct from their taxes. Under current law, homeowners can deduct interest on mortgage loans of up to $1 million for two houses, plus interest on home equity loans worth another $100,000. Show More Summary
Laura Russo is just the kind of voter the Republicans need, but the party’s proposed tax overhaul, which includes limits on the deductions for mortgage interest, state taxes and property taxes, is pushing her away. “I would be dramatically affected,” she said. An airline pilot and...
The historic tax credit, low-income housing tax credit, and the mortgage interest deduction are among the differences in the two bills Now that the Senate has passed its version of tax reform, Republican leadership turns its attention...Show More Summary
WASHINGTON (AP) — Significant differences separate the massive tax packages passed by the House and Senate on estate taxes, health care and a prized deduction for home mortgage interest, though Republican leaders are confident none is...Show More Summary
Housing industry trade organizations immediately condemned the House's tax bill when it passed mid-November. The Senate's version passed over the weekend. It won't halve the mortgage interest deduction like the House bill, but couldShow More Summary
(December 2, 2017 11:37 PM, by Scott Sumner) Let's hope the House wins at least a few battles in committee, because the Senate tax bill has a number of disappointing features: Keeps mortgage interest deduction as is: The Senate bill would still let you claim a deduction for... (2 COMMENTS)
Jerry Howard, National Association of Home Builders CEO discusses his concerns and hopes on key issues in the proposed tax reform bill. We must keep mortgage interest deduction, says Howard.
Big changes could be coming for the nation’s tax code, from revised income tax brackets and a cap on the deduction for mortgage interest payments to a new tax rate for small-business owners. Wondering how those changes could affect your family? The Times is wondering the same thing — and we need...
The NYT had a good piece discussing the potential impact of capping the mortgage interest deduction and property taxes on the housing market, however the piece missed an important way in which the Republican tax bills would reduce the benefits of the mortgage interest deduction. Show More Summary
University of Maryland economics professor Peter Morici misrepresented the Republican's proposed change in the mortgage interest deduction in a debate with my friend Jared Bernstein on Morning Edition. Morici said that the proposed cap would only hit people paying more than $500,000 in interest on their mortgage. Show More Summary
Although much of the furor over the proposed tax reform plan from the Republican-led House has focused on the reduction to the cap for the mortgage interest tax deduction, it is the proposed changes in capital gains that may make the biggest difference...
Tax law treats mortgages on second homes differently. The House version of tax reform would eliminate the deductibility of mortgage interest on second homes for personal use.
1. Average is over, installment #6372. 2. Does the home mortgage deduction limit the demand for (other) redistribution? 3. Corporate influence in World Bank lending. 4. Why is everyone interested in Djibouti? 5. “What sorts of workplace-related issues have been suppressed by 3-4 decades of a tough environment for workers?” More here from Conor Sen. Show More Summary
Republican lawmakers’ plans to rewrite the tax code would make it harder for most Americans to take advantage of the mortgage interest deduction, which has angered many who claim it’ll push homeownershipout of reach for millions of middle-class Americans. Actually, evidence shows the deduction...
As part of a national tax overhaul Congress is planning to curtail the ability to deduct mortgage interest and state and local taxes from federal taxable income. e Senate proposal would... To view the full story, click the title lin...
Do you know why the mortgage interest deduction exists in the tax code? Hint: It's not meant to "give a tax break to the rich."
Since my previous post was a bit of a fiasco (I seem to have mixed up Canada and the UK on the mortgage interest deduction), let me set this up as a question, so I don’t have two stupid posts in a row. Here’s today FT: Republicans’ proposal to slash corporate tax rate to 20 […]
WASHINGTON (AP) — The Latest on Republican tax overhaul legislation (all times local): 12:45 p.m. The emerging Senate tax overhaul measure wouldn't touch the mortgage interest deduction, as a concession to the powerful real estate lobby. That's...Show More Summary