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Trade Publication Article
Tax reform takes aim at popular deductions
2017
Overview
Roughly 28 million Americans deduct mortgage interest from their income taxes, with the biggest concentrations in the high housing-cost states of California, New York, New Jersey, Virginia and Maryland, according to the Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution. With lawmakers looking for revenue sources to offset prospective tax cuts, \"Any changes to the retirement system made solely for short-term budgetary gains, and not for policy reasons, could hurt Americans' long-term retirement security,\" the Save Our Savings coalition said in a letter to Sen. Orrin Hatch, R-Utah. * Deductions for donations to charitable, religious and other nonprofit organizations. Under the plan, all itemized deductions would be eliminated except for two: mortgage interest and charitable donations. * Tax-free employer-paid health insurance premiums and other medical expenses, including longterm care insurance, clocking in at $143.8 billion.
Publisher
MCC Magazines, LLC d/b/a Alaska Magazine
Subject
