December 27, 2017
Republicans may be taxing Americans out of house and home: Of 2,300 people polled on behalf of Realtor.com after the U.S. Congress passed a radical rewrite of the nation’s tax laws on December 20, more than half said they are now either “concerned” or “very concerned” about being a homeowner.
Specifically, the tax overhaul measure limits interest deductions to the first $750,000 in new mortgage debt for married taxpayers filing jointly—down from the current cap of $1 million, Bloomberg reports. It also doubles the standard deduction, making it less likely for homeowners to itemize tax returns and deduct mortgage interest.
While costs are rising, about 23% of respondents said the tax bill wouldn’t change their plans to purchase, and about 57% said it would have no effect on their plans to sell.
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