NAHB and NAR Divided Over Mortgage Deduction

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Posted To: MND NewsWire

Is it time to bid farewell to an American-as-Apple-Pie tax deduction? Maybe. After 75 years of supporting it against all assaults, the National Association of Home Builders (NAHB) has abandoned its defense of the mortgage interest deduction (MID) one of the more sacred cows in the U.S. tax code. The National Association of Realtors (NAR) however is standing tough. The rift between the two influential lobbying groups comes even as the existence of the MID does not seem at risk in what little is known about the expansively promoted but thinly explained Trump administration and Republican congressional “tax reform” plans. Under the current version, the MID would not go away, but its utility would be considerably reduced. The standard deduction would double and other deductions, such as those for…(read more)

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