SUBSCRIBERS

US tax bill upends long-time perks of owning a home

It is tinkering with subsidies so entrenched in the social fabric they have become entitlements in all but name

Published Sun, Dec 17, 2017 · 09:50 PM
Share this article.

Washington

FOR decades, the US tax code has been filled with rewards for homeownership. Tax breaks encourage people to get into first homes and to trade up as they get older, building a national mindset that you're never quite middle class until you've qualified for a mortgage.

It amounts to a vast social engineering project that assumes society is better off with owners instead of renters. But the tax bill making its way toward final passage is upending that premise.

The bill will increase many homeowners' monthly housing costs by scaling back de…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Property

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here