whether the mortgage interest rate deductions get to stay as they are. back with me now, detailing tim natali. who has the most work to do to get this bill reconciled and on to the president s desk by the end of this year? you will see the house and the senate leadership work together and the key people that were writing the bill. from the sources i talked to, it might be a little bit bumpy, but the biggest hurdle was and always has been and has been all year was the senate. i don t think you are going to see the drama and the hysterics you saw with both republicans and democrats in the senate version as you will see when the two sides come together. so tim, republican senator susan collins seemed to be on the fence about this bill. ultimately bob corker was the
the fate of the president s massive tax reform moves back to the full congress this week. the house and senate now have to reconcile the differences between the senate and house versions. some of the key differences between the two versions are the number of tax brackets and also the tax rate individuals will play. also at stake are state and local income tax deductions and whether the mortgage interest rate deductions get to stay as they are. senators have been promoting the bill s provegzisionprovisions. they will say they will slow the tax taxes. over the last three years they work on every aspect of the bill. even the joint committee on taxation has projected that the tax bill would stimulate the economy to produce hundreds of billions of additional revenue.
sounds very attract. my big concern is there are some people in love with the idea of homeownership and they have found themselves in a position where they can t afford the down payment. or they are in the house and gobbling up 50% to 70% of their monthly income and should be saving and investing for their future for their retirement and instead saddled with their house. everything in personal finance, it depends. if you have the money, oh, now is a perfect time to be buying a house. lot of people are doing it in cash, quite frankly. 32% of home sales are cash. if you need to repair your life, you know, give up that dream and become a renter and repair your personal finance. dream is dead. dream is something different now. here is oneful things people always tell me. when we talk about buying a house. they say that mortgage, interest rate deduction, it is such a great thing. i sat down with the secretary of housing and urban development and sean donovan and asked him if that esti
start with the policy, this is extraordinarily important. virtually every american will be impacted by this bill. that they expect to pass as soon as early next week. what republicans have changed, we want to start with the corporate rate set in the house and senate at 20%, moved up to 21%. why? $100 billion approximately of revenue there. they needed that to pay for a lot of other changes. mortgage interest rate deductions. senate left it untouched, the house took it to 500,000. they will meet in the middle, 750,000. the state and local tax deduction, this has been a huge issue for tie tax states like new york, new jersey, california, illinois, that will be expanded to go beyond just property tax and include sales and income tax as well. that s something they ve been looking for and something very expensive. that s why they need that extra money. one other thing that caught the eye of democrats attacking this plan throughout as a sock to the wealthy is they have decided to lower the t