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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.