GOP tax bill is full of uncertainty: Who are real winners and losers?

GOP tax bill is full of uncertainty: Who are real winners and losers?

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One of the main criticisms surrounding the bill is how it will hit homeowners. If you own property and have mortgage obligations, you are currently only allowed to deduct interests on the first $1 million in home loans. The tax reform plan will cut this amount to the first $500,000. This might foment a mini meltdown amongst real estate agents, but it won’t be much of an overall hit to the value of higher end homes. The National Council of Nonprofits is also not too pleased with the bill, which will likely lower charitable deductions. Due to the increase in the standard deduction under the tax reform plan, less people are likely to itemize, and are thus less likely to give to charity.

Source Name: 
The Hill
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