Kenneth R. Harney reports on the possibility that lawmakers in Washington, D.C. could target the mortgage interest deduction as part of a Republican tax reform plan.
"Although no major version of an overhaul bill would eliminate the mortgage interest deduction," writes Harney, "a plan known as the House Republicans’ 'blueprint' would essentially sidestep it by doubling the current standard deduction from $12,600 to $24,000 for joint filers ($12,000 for single filers)."
Doubling the size of the standard deduction might sound like good news to many, according to the article, "but it could be bad news in disguise for first-time buyers, existing owners and homeownership in general," by diluting the special status of homeownership in the tax code.
Harney quotes experts from groups like the National Association of Realtors and the National Association of Home Builders, who warn of the negative effect, for homeowners, of the potential change.
FULL STORY: Popular deductions for homeownership are targeted in tax plans
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