In a dramatic departure from a preliminary tax reform plan unveiled earlier this year, the latest draft of what’s been dubbed the Tax Cuts and Jobs Act, authored by House Ways and Means Chairman Kevin Brady, would limit the mortgage interest deduction to new and existing loans of $500,000 and under, down from $1 million, and cap property tax deductions at $10,000. Released Thursday to members of Congress, the revised proposal would disproportionately impact high-earning homeowners reeling from high property taxes on the West Coast and Northeast while potentially reducing the incentive for millions of Americans to buy new homes. The Trump administration’s original tax framework included a proposal that would potentially jeopardize homeowners with a $70 billion annual tax expenditure by doubling the standard tax deduction, housing experts warned at the time. The latest reform plan raises the standard deduction from $12,700 to $24,400 (married), $9,350 to $18,300 (head of househ…
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