Tax Bill Is Said to Cut Mortgage Deduction for New Home Sales

(Bloomberg) -- The House GOP talking points for its tax bill says it would cap the mortgage interest deduction for newly purchased homes at $500,000 -- a departure from the current cap of $1 million for couples filing jointly.

The home mortgage deduction for existing mortgages would be preserved, according to the two-page outline of policy highlights obtained by Bloomberg News.

The White House and GOP leaders had said repeatedly that the mortgage interest deduction would be preserved for homeowners.

Tax Bill Is Said to Cut Mortgage Deduction for New Home Sales