NOTEWORTHY

How the GOP mortgage interest deduction plan would hurt D.C.’s middle class - Chevy Chase Trust Noteworthy

How the GOP mortgage interest deduction plan would hurt D.C.’s middle class

Laly Kassa, Managing Director and Certified Financial Planner, discusses how the GOP’s new tax plan could affect homeowners in the Washington metropolitan region.

“If you think about a $1 million mortgage,” said Laly Kassa, managing director at Chevy Chase Trust, “in the initial years, that interest expense is in the $30,000 range. Having that capped is going to have an impact. . . . For the younger clients, it will have a really significant impact. It’s like losing a third of that deduction. For younger families, it will impact what they buy and what they spend their discretionary funds on. That’s $10,000 out the door right at the inception of a mortgage.”

Read the full article on WashingtonPost.com