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GOP Tax Bill Slashes Size of Deductible Home Mortgage by 50%

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By Terence P. Jeffrey | cnsnews.com

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(CNSNews.com) – The tax reform bill that the House Ways and Means Committee released today slashes in half the size of a mortgage that qualifies for the mortgage-interest deduction from federal income taxes.

It also eliminates the provision in current law that allows a taxpayer to deduct the mortgage interest on a secondary residence as well as their principal residence home.

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