The Home Mortgage Interest Deduction
To be honest on this one, anyone who currently has a mortgage can take advantage of this new loophole. However, the changes favour mostly the upper class. The more expensive your property is, the more they pay in mortgage interest because the interest is based on the amount that’s financed.
So, logically, the bigger your mortgage is, the more you can deduct from your taxable income! For example, if you buy a mansion and claim this deduction, you can save an extra $2,500 a year. If your mortgage isn’t that big, though, a couple of bucks won’t really make the difference.
