John McManus provides a summary of the GOP’s Tax Cuts and Jobs Act that proposes to cut the mortgage interest deduction in half from $1 million to $500,000, double the standard deduction, and cut the capital gains exemption, impacting how often homeowners can deduct profits from a home sale.
Granger MacDonald, chairman of the NAHB, says the bill “slams the middle class,” and small business. He writes:
“The House Republican tax reform plan abandons middle-class taxpayers in favor of high-income Americans and wealthy corporations. The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives.