GOP Tax Plan Halves Max Mortgage Interest Deduct

The sacred right to an interest deduction for U.S. homeowners is being tampered with in a tax plan proposed by the Republican-led House.

House Speaker Paul D. Ryan (R-Wisconsin) says the plan, which would slash the corporate tax rate, would save the average American family $1,182 a year.

Other changes in the proposal include eliminating deductions for state and local income taxes and limiting property tax deductions to $10,000.

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From:: Financing