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House GOP Looking At Having Homeowners Choose Deductions
Associated Press
WASHINGTON (AP) — House Republicans are looking at giving homeowners a choice between taking the deduction for local property taxes or the one for mortgage interest. It's part of the tax overhaul plan still evolving in Congress.
The possible deduction tradeoff is among several provisions being floated by Republican lawmakers to gain the support of their defecting colleagues from high-tax states. Their opposition threatens to derail tax legislation that's seen as a political imperative for Republicans and President Donald Trump.
Rep. Chris Collins, R-N.Y., says he and several other Republicans discussed possible ways around the current impasse on Monday with Rep. Kevin Brady, R-Texas, who heads the tax-writing House Ways and Means Committee.
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