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September 19, 2017

2 tax breaks eyed to fund GOP overhaul

  • Deductions for mortgage interest, and state and local taxes: What's seen by some as a special-deal loophole is embraced by others as a middle-class touchstone.
    • By MARCY GORDON
    AP Business Writer

    WASHINGTON — Republicans straining to find about $1 trillion to finance sweeping tax cuts are homing in on two popular deductions that are woven into the nation's fiscal fabric: the mortgage interest deduction that millions of homeowners prize, and the deduction for state and local taxes popular in Democratic strongholds.

    About 30 million Americans, or about 20 percent of taxpayers, deduct mortgage interest from their income taxes, a deduction Realtors and homebuilders argue is a catalyst to home ownership in the United States.


     
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