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Politics : The Trump Presidency
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To: zzpat who wrote (68131)4/24/2018 11:28:56 AM
From: TimF1 Recommendation

Recommended By
i-node

  Read Replies (1) of 358786
 
There are two ways the tax changes will reduce the amount of people that take a deduction on their home.

1 - They take the standard deduction instead because it is now more generous. That's not putting anything on the backs of homeowners. Its giving them another option which they choose since its now better for them.

2 - Reducing the amount of mortgage debt you could deduct paying interest on from $1mil (or $1.1 mil in some cases) to a hard cap of $1mil (rather than sometimes $1.1mil) for existing mortgages before the tax law change took full effect and $750k for new mortgages. That's reducing a special tax break for relatively wealthy people, but doesn't effect most homeowners.

For some examples of how this works out see
marketwatch.com
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