White House Says Mortgage Deduction Cut “Not on The Table”
  [Thursday, August 10, 2017 7:10:00 AM]
AP
The White House is pushing back on reports that President Trump is considering cutting the mortgage deduction to pay for tax cuts.

Politico reported last week that the Trump administration is considering reducing the annual $1 million mortgage deduction cap for U.S. homeowners as a part of its broader tax reform, despite earlier promises to protect the tax advantage.

According to Politico, cutting the popular deduction came up at a White House roundtable with real estate industry representatives led by National Economic Council Director Gary Cohn. The publication quoted an attendee as saying Cohn was willing to "ruffle some feathers" by putting everything on the table.

Current Internal Revenue Service rules allow homeowners to deduct all interest on mortgages of up to $1 million. Lowering the mortgage deduction cap could help pay for major tax cuts for businesses and individuals that Republicans view as crucial for driving U.S. economic growth.

But the White House pushed back on the notion that its position has changed.

"As we've said since we introduced our principles in April, we intend to protect the home ownership deductions," White House spokeswoman Natalie Strom said.

Cohn told Bloomberg TV Friday that the 35 percent U.S. corporate tax rate should be more in line with the 24 percent average rate among other countries in the Organization for Economic Cooperation and Development.

"We cannot be substantially higher than the OECD average tax rate out there," he said. "We've got to get in line with the rest of the world, we've got to entice capital to be invested in the United States."

Sources: (
Newsmax, Politico
)
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