Trump's tax plan could be bad news for the housing market, charitable giving, and local governments
President-elect Donald Trump's pick for treasury secretary, Steven Mnuchin, says the incoming administration is about to embark on the "largest tax change since Reagan." He made those comments on CNBC last week. The change he's referring to could have a big impact on mortgage interest deductions — a driver of the housing market — and weaken an incentive for charitable giving.
Key features of Trump's plan could also lead to changes with state and local government tax collection. It all comes down to standardized deductions — or the amount of write-offs you can claim without having to provide lots of documentation (or even spending money on any of the things you can write off). To be clear, only two things are certain at this point about the tax code under Trump's plan: it will look very different, and we don't fully know the details.
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Posted By: agnes levine
Tuesday, February 7th 2017 at 8:21AM
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