How a smaller tax break affects housing

Amy Scott Dec 20, 2019
HTML EMBED:
COPY
Cameron Spencer/Getty Images

How a smaller tax break affects housing

Amy Scott Dec 20, 2019
Cameron Spencer/Getty Images
HTML EMBED:
COPY

The House voted Thursday to roll back part of the 2017 Tax Cuts and Jobs Act. The new bill would temporarily lift the $10,000 cap on the amount of state and local taxes Americans can deduct from their federal returns.

The repeal’s chances in the Republican-controlled Senate are slim to none, but the debate raises a question about the effect the law has had on one corner of the economy — real estate. Realtors say the high end of the market in high-tax states has slowed down as a result.

Click the audio player above to hear the full story.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.