Tax

Top banking executives called the Republican tax plan an important first step toward tax reform and economic stimulus, but questions immediately arose about whether trade-offs and complexities in the bill would undercut it.

Hopes that tax reform might soften a weakening of the mortgage interest deduction were quickly dashed as the GOP plan landed a double punch on the incentive cherished by the mortgage and housing industries.

But the home mortgage deduction for existing mortgages would be preserved, according to a two-page outline of the House GOP tax reform bill. Meanwhile, homebuilder stocks initially plunged.

It's been a decent year for banks, especially given the industry's return on assets hit a 10-year high. But there are signs it might not last. With Halloween near, here is a look at some potentially frightening developments that could keep bankers up at night.

Some housing groups are warming to an idea that they say could help more Americans benefit from housing-related subsidies than the mortgage interest deduction.

The National Association of Home Builders is backing off long-held support for the mortgage interest deduction in hopes that the Trump administration can deliver on its promise of lower taxes.

While credit unions may have dodged a bullet on taxation, some in the housing industry expressed concern that the plan would double the standard deduction to $24,000 for married couples and $12,000 for individuals—a move that could dramatically lessen the impact of the mortgage interest write-off.

Some in the housing industry expressed concern that the plan would double the standard deduction to $24,000 for married couples and $12,000 for individuals—a move that could dramatically lessen the impact of the mortgage interest write-off.

If you thought the process for health care reform was rough, just wait until tax reform gets going, said NAFCU's Dan Berger.

Cybercriminals know people want to resolve tax payment issues, and they take advantage of it, writes Matthew Gardiner, senior product manager at Mimecast.