Senate Republicans on Thursday released their version of a overhaul plan while House Republicans on the Committee on Ways and Means advanced their reform bill that was initially announced last week to the House floor. The House and Senate must come in line with their tax visions to create one uniform plan to pass through Congress.
Read More »Shiller: This is a Part of American Culture
Robert Shiller sat down with CNBC to talk about the potential fallout on the housing market if tax reform removes the mortgage interest deduction. See his differing thoughts in this Video Spotlight.
Read More »Tax Reform Could Put Homeownership Out of Reach
According to a major industry organization, President Trump’s potential tax reform could make homeownership unaffordable for many Americans. The President’s plan would raise the threshold on the mortgage interest deduction, allowing only those with the heftiest home loans to take advantage of it. To date, the MI deduction has primarily benefited middle-class taxpayers. If reformed, it may cease to do that.
Read More »Reevaluating The Mortgage Interest Deduction
While the industry shudders at the thought of a change to the cherished mortgage interest deduction, the future of homeownership could stand to benefit from such a change.
Read More »U.S. Congressman Proposes Common Sense Housing Investment Act
Officially dubbed the Common Sense Housing Investment Act, HR 1662 would convert the current Mortgage Interest Deduction into a non-refundable, 15 percent flat-rate tax credit instead. This tax credit would apply to all interest paid on mortgages up to $500,000.
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