• Jason Haley
  • News
  • Treasury Secretary Mnuchin: No Change to Mortgage Interest Deduction

Treasury Secretary Mnuchin: No Change to Mortgage Interest Deduction

  • March 07, 2017

Last week, US Treasury Secretary Steve Mnuchin addressed the Trump tax reform plan in an interview with Fox Business Network.  He clarified that mortgage interest and charitable contributions would not change after the policy changes.  Before the president took office, Mnuchin had alluded to plans to cap the amount of mortgage interest homeowners can deduct from their taxes. 

Mortgage interest tax deduction varies from loan to loan and is subject to a cap.  For married homeowners filing jointly, the cap is $1 million, for homeowners filing separately the cap is $500,000. 

Secretary Mnuchin stated, “we are not taking away the charitable deduction and we are leaving the mortgage interest deduction as is.”  In his speech to Congress last week, President Trump insisted that “massive tax relief” was on the way, but did not specify his plans. 

The Treasury secretary projected that the tax reform is in progress and expects it to go up for a vote in August. 


Sources: Fox Business, Reuters

Jason Haley
Area Sales Manager
NMLS # 116361
Branch NMLS # 1627273

Jason Haley


CMG Image
© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).