Could have supported interest deduction cap

Could have supported interest deduction cap

Gazette Column
One piece of the Trump administration and U.S. House Republican proposed federal tax overhaul I agreed with appears to have already fallen amid an onslaught of the lobbyist horde. The White House budget proposal called for a lowered cap on the home mortgage interest deduction. House Republicans agreed and included the lesser cap in their proposal alongside a requirement that the deduction be limited to primary residences. Members of the Senate were immediately confronted by real estate lobbyists, so the lowered cap, estimated to produce up to $300 billion in revenue during the next decade, is not part of the smaller chamber’s plan. Before any readers choke on their Saturday morning coffee, let me explain that I’m not completely against the mortgage interest deduction, or the type of behavior it’s intended…
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