Report | Economic insight for November 15, 2017
While the tax reform plans are progressing, work remains to be done before a vote can occur. The House and the Senate are advancing two different bills that will need to be reconciled. There are a number of significant differences between the two versions, but enough common ground exists that a bill should pass sooner or later. This situation differs from the failed healthcare reform effort because it is not an all-or-nothing outcome so we expect some version of tax reform. Until we have clarity, we're unsure of the exact impact on the economy. This will be particularly true for the impact on homeownership, which has been quietly rising. As Ryan Severino points out, the elimination or reduction of mortgage interest and property tax deductions could spell bad news for that sector of the market.
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