By Sarah Lefteris, VICE News Staff EditorIn August, President Donald Trump signed an executive order allowing people to deduct 10 percent of their federal income tax payments from their taxes.
The move allowed Americans to avoid paying federal income taxes by making large deductions and credits to offset their income.
The program, known as the mortgage-interest deduction, allowed low- and moderate-income families to deduct up to $400,000 of their annual mortgage payments.
The deduction allowed people to save up to 2 percent of the mortgage payments each year.
In 2019, the program reduced the deduction by $2,500 for single filers, $5,000 for married couples filing jointly, and $10,000 in married couples and their dependents.
The elimination of the deduction for married filing jointly led some experts to say that the program would be more than $100 billion in the hole.
According to a report released by the Tax Policy Center, the reduction in the mortgage deduction would have raised $5.7 trillion in tax revenue in 2027 if it had gone into effect.
The Tax Policy Institute, an independent research group, also estimated that the mortgage deductions could have increased federal revenues by as much as $10 trillion over 10 years.
The move has left some taxpayers stuck with crushing debt, even though they have been able to save the tax dollars.
The average household has an annual mortgage payment of about $200,000.
In some states, the average homeowner is able to deduct nearly all of their mortgage payments in a year.
The $10 million in mortgage-related tax deductions for families has not gone to the typical homeowner.
Some of the people who can deduct the mortgage amount in their 2019 tax return are also able to make a deduction for their state’s property taxes, state and local taxes, federal taxes, and the state income tax.
The mortgage-deduction program was intended to help low-income households make ends meet.
The program is meant to help families with the cost of mortgage payments and interest payments.
The amount of deductions allowed in 2019 is a huge improvement over prior years, when many people were able to claim only small deductions such as $25,000, $10 and $100.
The change in 2019 also lowered the mortgage tax rate from 7.8 percent to 5.8% and lowered the maximum deduction from $10 to $50,000 annually.
The changes also helped reduce the amount of money people can deduct for property taxes and state and federal income-tax bills.
This means more money in the pockets of more people, particularly in the suburbs and rural areas, where there is less income and higher poverty rates.
However, it was unclear how many people would benefit from the deduction, because the changes in 2019 were not retroactive.
People could claim up to the amount they were able by 2019 and the deductions would continue until the end of 2021.
The deduction cap was raised in 2019, so some people could claim more deductions in 2020 than they could in 2019.
The Tax Policy Report estimated that people would see a $2.4 trillion net tax benefit from higher deductibility.
It also said that the deductions reduced federal taxes by $5 trillion over the decade.
However the changes also caused some people to claim more tax refunds than they were eligible for.
For example, some people had their mortgage-tax refunded as part of their income-based child tax credit.
These refunded refunds are taxed at the higher rate than other income-related refunds.
The tax cuts for the wealthy also did not benefit everyone.
The Trump administration also cut the top tax rate to 25 percent from 39.6 percent.
The top rate for the richest 1 percent was 30 percent, which was much higher than in previous years.
According a study from the Joint Committee on Taxation, the Trump administration has been able of cutting taxes for the wealthiest Americans by $1.6 trillion over a 10-year period.
The biggest beneficiary of this benefit was the mortgage industry, which has seen the highest tax cuts.
According the Tax Foundation, the tax cuts from the mortgage relief program will pay for itself in 2021, when the deduction cap is fully phased out.
The $1 trillion benefit for the mortgage sector is just one part of the $9 trillion tax cut package the Trump Administration has promised.
The biggest question with this tax relief plan is how much will it benefit people who already have the biggest tax bills, and what will it cost to make it go into effect?
In 2019, Trump signed into law the Tax Cuts and Jobs Act, which expanded the mortgage exemption and increased the standard deduction to $12,000 from $6,500.
However, the plan did not include a $10 credit for those earning $250,000 or less, which would allow low- or moderate- income households to deduct about $600,000 a year from their federal tax payments.
Trump has said that he will sign an executive action that will allow all Americans to deduct their mortgage from