WEB Notes: Unfortunately, we have heard this several times now and not just from “lefty” groups. A loss of the mortgage dedication will be a huge blow to the middle class and the economy.
Millions of households would no longer benefit from federal tax deductions for charity donations, mortgage interest payments and property tax under Republican tax plans being debated in the U.S. Congress, a think tank said on Thursday.
The left-leaning Institute on Taxation and Economic Policy said that up to 29 million U.S. households now writing off donations, home loan interest and state and local property tax payments would no longer be able to do so under either of the two plans.
While all three deductions are maintained in some form in one or both of the rival Senate and House of Representatives bills, far fewer taxpayers could take advantage of them because of other proposed changes, said the Washington-based group.