When President Trump announced his tax plan, I was eager to dig into the numbers to see how his proposal would impact homeownership, especially because NAR came out against it. How useful is the mortgage interest deduction to homeowners, and if taxpayers are bringing home more money, can that really be a bad thing?
- Married taxpayers who make $75,000 or less a year and purchase property worth at or under $400,000 will pay less in taxes under the proposed Trump plan if they take the standard deduction.
- Under the Trump plan, married filers who make $50,000 or less will pay zero federal income tax.
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