In the Know: Impact of Trump Tax Reform Proposal
On April 26, 2017, members of the Trump Administration gave reporters an overview of the tax reform proposal. While it appears that the mortgage interest deduction will be kept, the plan also doubles the standard deduction. By increasing the standard deduction by such a large amount, the relevance of itemized deductions – like the mortgage interest deduction – will be reduced. NAR believes the proposed changes may result in actually discouraging prospective homeowners from pursuing their dream of homeownership. Read NAR’s response to the Trump proposal. Read NAR’s analysis to further understand the impact of tax reform on housing.