Reducing the mortgage interest deduction would send earthquakes through the real estate industry.
By Colin Wilhelm | Politico
A tax break popular with homeowners and the real estate industry could take a hit as Republicans look for ways to pay for their tax reform plan.
Despite promises from the Trump administration in April that it would “protect the homeownership … deductions,” multiple sources tracking tax reform said that the cap on the mortgage interest deduction — currently set at the interest on up to $1 million of mortgage debt — could be lowered in tax reform.
That would be a slap in the face to an industry that strongly supported President Donald Trump during his presidential bid: He overwhelmingly won a straw poll by the National Association of Realtors during its annual meeting last year.
