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Friday, December 22, 2017

Will Donald Trump Hurt The Middle Class

Could this new tax plan deal a blow to many would-be homeowners? President Donald Trump and the House GOP unveiled a massive tax-reform bill on Thursday that proposes a new limit — $500,000 from the current $1 million — for home-mortgage-interest deductions. 

A tax break popular with homeowners and the real estate industry could take a hit as Republicans look for ways to pay for their tax reform plan. That would be a slap in the face to an industry that strongly supported President Donald Trump during his presidential bid.

President Trump and House Republicans are proposing limits to the tax deduction for mortgage interest, a move that would severely impact the middle class. The Trump administration may break a promise and reduce the $ 1 million cap on mortgage deductions for US homeowners.

If President Trump and congressional Republicans have their way, home ownership will become less attractive.

Trump says cuts will be aimed at the middle class, but how that group is defined will determine who wins and loses in his plan.

Donald Trump entered the White House today rueing that "the wealth of our middle class has been ripped from their homes." Then he raised mortgage costs for millions of new American homeowners. "Which to us sounds like a lie, but could be true".

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