Aside from the real estate industry, there are few economists who oppose Republicans’ plans to greatly diminish the benefit of the mortgage interest deduction in their tax proposal.

The GOP tax plan would double the federal standard deduction, making it less likely that a typical person would itemize write-offs of any kind — including mortgage interest.

Nearly 38 million U.S. households who would otherwise itemize would opt for the standard deduction under the new tax plan.


Source: Mortgage Daily