Limits deductible mortgage interest: The bill preserves the mortgage deduction as currently structured for existing mortgages. But it curbs it for mortgages on newly purchased homes going forward. You would only be able to claim a deduction for interest you pay on mortgage debt up to $500,000, down from $1 million today.
The percent of filers who claim the mortgage interest deduction would fall to 4% from 21% currently because the standard deduction would nearly double, according to Tax Policy Center estimates.
