Senate GOP plan won't change mortgage interest deduction
Sen. Orrin Hatch, R-Utah, president pro tempore of the Senate, arrives in a secure area. Photo: J. Scott Applewhite / AP
The Senate Republicans' tax plan, expected to be unveiled later Thursday, won't change the mortgage interest deduction, per the AP, citing a Senate GOP source "familiar" with the details on the pitch.
Why it matters: That's a concession to the real estate industry, which opposed the House GOP proposal — which cut the cap for mortgage interest deduction from $1 million to $500,000 — over concerns that change could hurt the housing market.