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Schumer To Fight Proposal To Cap Mortgage Deductions

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U.S. Senator Chuck Schumer, D-N.Y., says proposals to reduce property tax deductions would hurt homeowners, and he will use his power as senate minority leader to fight them.

Treasury Secretary Steve Mnuchin said in an interview after last November’s election that the Trump administration would move to “cap” and reduce mortgages deductions.

It would be part of a tax overhaul that would also raise the standard income tax deduction.

Schumer says it would be an unfair burden to young homeowners, who are trying to buy houses in high price areas such as Long Island and Connecticut.

He says the tradeoff of a higher standard deduction would not allow most first-time homeowners to enter the market.

Terry Sheridan is an award-winning audio journalist. As part of his duties as Senior Director of News and Education, he developed a unique and award-winning internship program with the Stony Brook University School of Communications and Journalism, where he is also a lecturer and adjunct professor. He also mentors graduate fellows from the Sacred Heart University Graduate School of Communication, Media, and the Arts.