President Trump and the Republican congressional leadership have proposed a new tax bill. The bill consolidates some income tax rates, lowers the corporate tax rate, reduces the tax rate for certain pass-through businesses, eliminates the estate tax and takes away many long-established deductions and exemptions.
- The reduction of the mortgage interest for new buyers only, a lengthened time frame on capital gains, a $10,000 cap on deductibility of property taxes and the elimination of moving expenses deduction — this bill is bad for real estate.
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