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Effects of House budget, tax plans still unclear

Posted at 6:25 PM, Oct 26, 2017

The Trump administration budget passed in the Republican controlled House by a slim margin Thursday, clearing the way for tax reform.

The tax plan is rumored to eliminate the mortgage tax credit among other deductions. But the final plan hasn’t been seen by many outside of capitol hill. 

Real estate groups are lobbying hard against the removal knowing it could take the advantage away from someone about to purchase a home.

Vickie Kelsall of the Milwaukee Association of realtors said “sometimes when there is a buyer that may be on the edge, especially a first time buyer, and they’re deciding whether to rent or be a homeowner it is one of the deciding factors.”

It's hard to say how much this would effect the average homeowner because there are likely to be other changes to the tax code that may balance it. The Republican tax plan is expected be revealed next month.