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Trump's tax plan is giving realtors and nonprofits something to worry about
Source:
businessinsider.com
- Dec 5, 2016
President-elect Donald Trump's pick for treasury secretary, Steven Mnuchin, says the incoming administration is about to embark on the "largest tax change since Reagan."
He made those comments on CNBC last week. The change he's referring to could have a big impact on mortgage interest deductions — a driver of the housing market — and weaken an incentive for charitable giving.
Key features of Trump's plan could also lead to changes with state and local government tax collection. It all comes down to standardized deductions — or the amount of write-offs you can claim without having to provide lots of documentation (or even spending money on any of the things you can write off).
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Category: General Business
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