Millions of Homeowners Could Lose Tax Deductions Under GOP Tax Bill


According to Reuters, 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 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 3 deductions are maintained in some form in one or both of the rival Senate and House of Representatives bills, far fewer tax-payers could take advantage of them because of other proposed changes, said the Washington-based group

Read the Reuters article.

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