Tax Reform on Homeownership
27 Pages Posted: 30 Apr 2018
Date Written: April 11, 2018
Homeownership is more than just an American dream. In reality, homeownership is a savings vehicle. However, the 2017 tax legislation reduced the tax support for homeownership. The tax reform targeting housing, such as curtailing the deductions for mortgage interest and state and local taxes, frustrates the American public policy of encouraging homeownership. Yet, there are many reasons that the public policy position in the United States for decades has been to encourage homeownership, including that homeownership is an important savings tool for Americans—and tax reform should be mindful of it.
Keywords: tax reform, SALT, mortgage, deduction, tax, tax law, housing, homeownership
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