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The Act also increased incentives favoring investment in owner-occupied housing relative to rental housing. Prior to the Act, all personal interest was deductible. [9] Subsequently, only home mortgage interest was deductible, including interest on home equity loans. The Act phased out many investment incentives for rental housing, through ...
The House plan capped the deduction for mortgage interest to the first $500,000 mortgage debt versus the current $1 million, while the Senate did not change it. [98] The House plan repealed the Johnson Amendment. Neither the Senate version [99] nor the final Act included a repeal of the Johnson Amendment. [100]
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A compromise measure, the Act gives permanence to the lower rate of much of the Bush tax cuts, while retaining the higher tax rate at upper income levels that became effective on January 1 due to the expiration of the Bush tax cuts. It also establishes caps on tax deductions and credits for those at upper income levels.
According to the Los Angeles Times, immediately after the vote, the Senate version of the bill "contains even deeper cuts to state and local tax breaks that are popular with Californians but maintains the mortgage interest deduction at its current level instead of cutting it in half as the House plan does. It also repeals Obamacare's individual ...
Tax preparer H&R Block “deceptively” pushed ads promising free online tax filings, according to the Federal Trade Commission.. Now, it’s the subject of a federal complaint. The commission is ...
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