In its tax reform proposal, the Senate is preserving the mortgage interest deduction at an amount that is double that proposed by the House. Much else must still be reconciled.
On Thursday, the tax reform plan unveiled by the Republican-dominated Senate eliminates deductions for state and local income taxes.
But their GOP counterparts in the House took a different tact with their previously released proposal, allowing up to $10,000 in such taxes to be deducted.
Source: Mortgage Daily