Long Island homeowners would be hit by “tax jeopardy” if government impose findings for home loan premium get reduced or eliminated, as the country’s new Treasury secretary and some members of Congress have proposed, Senate Minority Leader Chuck Schumer (D-N.Y.) said at a news gathering Tuesday.
Scaling back those deductions “would hurt Long Island especially hard, because we all know living on Long Island doesn’t come cheap,” and it would debilitate youngsters from purchasing homes in the district, Schumer stated, standing outside the home of Mindy and Joshua Schreiber, who acquired their three-bedroom house in Seaford a month ago.
The capacity to take government impose derivations for costs, for example, mortgage interest and state and local property taxes permits homeowners to pay less in federal taxes.
Joshua Schreiber, a financial analyst, said he and his wife hope to spare about $3,000 a year by taking those deductions. “Every little bit helps,” he said. “We’re not rich individuals; it took a considerable measure to save up to purchase a house.”