Cuomo — who turned 60 on Wednesday — warned income and property taxes in New York could jump between 20 % to 25 % if a provision eliminating most deductions on state and local taxes gets passed. (nydailynews.com)
«However, many contacts indicated that new legislation passed by Congress could discourage homeownership, as shrinking the cap on the mortgage interest deduction for primary homes and the loss of most deductions for interest on home equity loans will increase costs for most property owners.» (americanbanker.com)
Most deductions benefit wealthier Americans, who are more likely to itemize their deductions in the first place. (vox.com)