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.

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