New tax law is a huge win for renters | New York Post

New tax law is a huge win for renters | New York Post:
"Renters came out winners under the new tax law.
For over a century, the federal tax code catered to homeowners and treated renters like second-class citizens. 
Homeowners have been able to deduct interest on their mortgages, home-equity loans and property taxes. 
Meanwhile, everyone — including renters — footed the bill for these deductions by paying higher rates.
The new tax law at last begins leveling the playing field between renters and homeowners.
Millions of New Yorkers and Californians will reap the benefits, because these states have among the lowest rates of homeownership in the nation. 
So ignore the hyperventilating from Democratic politicians that tax reform is a gift to the rich.
New York Sen. Chuck Schumer condemns the new tax law as “a gut shot to the middle class” while “rewarding the wealthiest among us.” 
The truth is just the opposite. 
Tax reform benefits renters, who often live in cities and tend to have lower incomes — a key Democratic constituency.
Under the new tax law, everyone — renters and homeowners alike — will have their tax rates cut and their standard deduction almost doubled. 
Most will end up paying less..."
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