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
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…
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