Saturday, August 5, 2017

White House Considers Lower Deduction for U.S. Homeowners

The Trump administration is considering lowering the annual $1 million mortgage deduction cap for U.S. homeowners as a part of its broader tax reform, despite earlier promises to protect the tax advantage, Politico is reporting.

Politico said thededuction came up this week at a White House roundtable with real estate industry representatives led by National Economic Council Director Gary Cohn.

Cohn is very dangerous when it comes to tax "reform."

He is the most aggressive in terms of just wanting to shift the tax burden and just have it come from another direction, rather than shrinking taxes and government spending.

Politico quoted an attendee as saying Cohn was willing to "ruffle some feathers" by putting everything on the table.

At present, homeowners can deduct all interest on mortgages of up to $1 million. If you lower that, you are most certainly going to hurt upper middle-class homeowners with mortgages.


1 comment:

  1. While the mortgage deduction is part of a scheme to prop up the real estate market, the fact that Cheeto-man and Cohn are toying with the idea of only lowering the cap is a clear indication that they're not serious about the tax cuts Cheeto-man promised during the campaign. Tax reform is a scam.

    What happened to the promised reduction of the corporate tax rate? Oh, it's coming - but not the promised reduction.

    But buck up, boys! Buck up! Who do you think is going to pay for that tall, beautiful wall at the border? Because "Mexico" (lines on a map) is not going to.

    Trumpistas are pathetic.